Citadel Insurance p.l.c. was established in 1997 as the second indigenous Insurance Company. Its promoters were Citadel Limited, Le Assicuazioni dÍtalia S.p.A (Assitalia) which forms part of the global Generali Group, Malta Development Fund Limited and two HSBC SICAV Funds.
Citadel commenced its operations on 1 September 1997 licensed by the Malta Financial Services Authority (MFSA) to write non-life insurance business in Malta. On 9 March 1998 Citadel became a composite Insurance company after being authorised by the MFSA to transact Life Insurance business.
At the end of 1999 Citadel launched the PERLA range of Life Insurance and Investment Products consisting of the PERLA Retirement and the PERLA Protection Plans. The PERLA Retirement Plan was the first regular premium unit-linked plan ever launched in Malta.
