Innovation, agility and the ability to sift through its strong and not so strong points have driven GlobalCapital to rebrand as LifeStar and focus its energy on life and health insurance.
With €150 million in assets, 34,000 policyholders and €8.6 million paid in claims at the end of 2019, LifeStar is planning to be a disruptive force in the insurance market.
LifeStar chairman Paolo Catalfamo has never been one to shy away from change or a challenge, and since he took over GlobalCapital in 2015, he has amassed the right team to surmount the obstacles brought about by the COVID-19 pandemic and restructure to face the future.
GlobalCapital went through a restructuring process in the run-up to rebranding by streamlining processes, introducing efficient work practices and reorganising the management structure to bring about better performance and improved corporate governance.
LifeStar reflects the positive changes made and the company’s status as a trusted and respected player in this segment.
Prof. Catalfamo said: “We also took a strategic decision to concentrate on what we do best: insurance. We have been a proud country representative of one of the world’s leading health insurance principals, Bupa, for many years and have established a solid reputation as a leading provider of insurance products in Malta.”
The transformation means that GlobalCapital Life Insurance Limited is now LifeStar Insurance Limited; while GlobalCapital Health Insurance Agency Limited is now LifeStar Health Limited; and GlobalCapital plc is now LifeStar Holding plc.
With the pandemic reaping fear and greater awareness of financial risks associated with mortality, life and health insurance are looking to enjoy somewhat of a renaissance.
Technology has also been key due to social distancing measures and LifeStar has embraced digitisation to offer its customers a portfolio of services whenever and wherever they need them.
“We are very excited about the future and our new name embodies our desire for our clients to live their brightest life,” Prof. Catalfamo said.
LifeStar Insurance Limited (C29086) is authorised by the MFSA to carry on long term business of insurance under the Insurance Business Act, Cap 403 of the Laws of Malta.
LifeStar Health Limited (C6393)acts as an insurance agent for Bupa Global Designated Activity Company, which has passported its services through the European Passport Rights for Insurance and Reinsurance Undertakings Regulations and is enrolled under the Insurance Distribution Act, Cap 487 of the Laws of Malta to act as an Insurance Agent and is regulated by the Malta Financial Services Authority.