Case Background
LifeStar Insurance plc (https://lifestarinsurance.com/), an insurance provider operating in Malta under a license from the Malta Financial Services Authority (MFSA), has filed a court case involving the authority and its Chief Officer for Supervision, Christopher Buttigieg.
The case, presented by the company’s majority shareholder, Paolo Catalfamo, states that the regulator’s actions amounted to “arbitrary and capricious” conduct. According to the submissions, there were multiple occasions on which Buttigieg suggested that LifeStar Insurance be sold to IVAlife Insurance, a separate licensed insurer in the Maltese market.
Details From Court Filings
The documents describe an initial discussion in May 2020 where the possible sale of LifeStar to IVAlife was raised. It is stated that this topic was mentioned again during a later meeting attended by Catalfamo and two advisers from the company.
LifeStar maintains that no formal acquisition proposal from IVAlife or its related companies was received. Independent valuation by PWC, completed after a restructuring process, estimated the company’s worth at approximately €40 million. IVAlife obtained its insurance undertaking license in 2021.
Company Overview
LifeStar Insurance has been active in the Maltese insurance sector for around 60 years and has represented Bupa, an international health insurance provider, in Malta since 1971. The company works with a network of intermediaries providing various insurance products.
Information on Christopher Buttigieg
Christopher Buttigieg is a member of the MFSA Executive Committee alongside Michelle Mizzi Buontempo and Edwina Licari. He also serves on the boards of the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA).
He was previously associated with the national “Blockchain Island” initiative, which did not meet its intended objectives and is reported to have involved public expenditure of around €3 million. The MFSA has not issued a public statement on whether the current case will have any effect on his positions.
Additional Allegations
The court application notes that LifeStar Insurance received MFSA instructions to proceed with both an initial public offering and a subordinated bond issue. The company states that these measures were carried out despite internal reservations.
Catalfamo’s submission includes an account of comments attributed to Buttigieg referencing his personal health and suggesting he could focus on other matters rather than on extended regulatory issues.
Corporate Structure
Paolo Catalfamo holds the position of Chairman at LifeStar Holding plc, listed on the Malta Stock Exchange, and also leads LifeStar Insurance plc, LifeStar Health Ltd, and GlobalCapital Financial Management Ltd. All these entities are regulated by the MFSA.
The filing concludes that a series of regulatory decisions could be viewed as consistent with efforts to facilitate a transfer of LifeStar Insurance to IVAlife.
Source: Information provided to Scam-Or Project.