LifeStar Insurance plc on Monday announced that it is expanding its business to Italy after it was granted authorisation by the Malta Financial Services Authority (MFSA).

In its announcement, the company noted that it had submitted a notice of intention for the expansion and was granted the freedom to provide services in Class I - Life and Annuity, from 9th August.

This expansion is subject to the requirements set out by the MFSA, in respect of the product offering, contingency plans, monitoring of distribution and due diligence and risk assessment, and the relevant and applicable host country legislation.

The company’s expansion is in line with its growth strategy to reach new markets beyond the Maltese shores. This includes the expansion of business to other EU countries, starting with Italy.

A consent notice has also been sent by the MFSA to the Italian regulator in relation to this matter.

LifeStar Insurance plc, formerly known as GlobalCapital is an insurance firm that offers a range of protection, savings, investment, and retirement life insurance products. The insurance company has been operating in Malta for six decades.

The company operates a large network of Tied Insurance Intermediaries and forms part of LifeStar Holding plc.

Through its subsidiaries, the group is active across the fund and investment markets and offers different solutions to clients.