New senior appointments at GlobalCapital

GlobalCapital p.l.c. has announced the appointment of new Chief Officers and a new member on the Executive Committee of Management to sustain the Group’s consolidation in its insurance business and in preparation for the further growth expected from projected expansion into new business areas.

Shawn Bezzina, currently the Group’s Financial Controller, has been appointed as Chief Financial Officer (CFO) and Paul Said, who is currently the Group Operations Manager, has been appointed as Chief Operations Officer (COO).

Jonathan Camilleri, Life Insurance Operations Manager, will sit on the Executive Committee of Management (ExCom). All appointments came into effect on August 31st.

Group Chief Executive Officer and Executive Director, Reuben Zammit described these new senior appointments as another step in the right direction towards further operational and performance consolidation in the Group’s core business of insurance.

“Shawn, Paul and Jonathan bring a wealth of experience, competence and knowledge within their respective areas of specialization. Their respective input and hard work over many years at GlobalCapital have contributed to the Group’s successful turnaround that has taken place since mid 2014. The Group is now positioning itself for further growth and more success and these appointments reflect our ambition to deliver more value to our shareholders and clients through existing and new business lines,” said Mr Zammit.

The Group’s Executive Committee of Management is chaired by Chief Executive Officer Reuben Zammit and consists of the Chief Financial Officer, Chief Operations Officer and the Life Insurance Manager.

Since kicking off its turnaround strategy two years ago, GlobalCapital has posted four consecutive positive and profitable results, on the back of a better operational performance, increased revenues from core business lines and a healthy capitalization through a Rights’ Issue and the repayment of a bond that matured in June 2016.

In their latest Interim Report to the market published on the Malta Stock Exchange, the Directors of GlobalCapital reported €1,878,526 in pre-tax earnings for the first six months of the current financial year ending on the 30th June 2016, compared to a profit before tax of €1,176,197 reported in the corresponding period of 2015.

The Directors also reported that following the repayment of the bond and the capitalization of the Group, there no longer are material uncertainties that may cast significant doubt about the company’s ability to continue as a going concern. The Group has also re-affirmed its intentions to develop new business lines through passporting of unit-linked products in other European territories.