Bermuda-based Coralisle Group (CG), the parent company of CG BritCay, has signed an agreement to acquire 100% of Massy United Insurance of Barbados.
The transaction is subject to regulatory approval in the relevant jurisdictions.
The acquisition of United will expand CG’s presence in the Caribbean, the insurer said in a press statement, and add 14 new markets where United operates: Anguilla, Antigua and Barbuda, St. Kitts and Nevis, Montserrat, Dominica, St. Lucia, St. Vincent, Grenada, Trinidad and Tobago, Guyana, Curacao, Aruba, Jamaica and Belize.
CG said the companies have complementary operations in the Bahamas, Turks and Caicos, British Virgin Islands, Barbados and the Cayman Islands, with minimal overlap in their product offerings. The acquisition will also add a complementary suite of insurance products to CG’s core life, health, and property and casualty offerings in those locations.
Naz Farrow, CG chief executive officer, described the acquisition as a ‘game changer’ for CG both geographically and for its new business potential.
“We are two well-established companies whose experience, skills and product lines are well matched to meet customer needs in all circumstances,” she said. “In particular, this acquisition allows us to introduce CG Health, Life and Pension solutions to markets where United operates, building on its strengths in Property and Casualty insurance.”
Both companies have strong financial ratings with AM Best giving CG an A and United an A- rating.
CG said its presence in 20 Caribbean markets with complementary lines of business is expected to diversify the insurer’s profile.
CG chairman Grant Gibbons said the acquisition will significantly strengthen CG’s presence across the Caribbean.
United’s CEO Randy Graham said that the insurer’s business will expand as a result of the transaction.