Insurance firm Indigo to merge with Saxon

Indigo Insurance is to merge with a rival after Cayman’s Saxon was bought by Bahamas-based Colina Holdings.

Saxon said the two companies would continue under the Indigo name once the merger was completed.

Jack Leeland, Saxon’s CEO, said in a press release on the merger, “Joining a larger group will allow us to enhance our services and expand our offerings, to better serve our valued clients, and the plan members.

“This change in ownership is also an exciting time for team members and will create enhanced opportunities for career growth and personal development.”

Terence Hilts, Colina Holding’s chairman, said, “This acquisition significantly expands our footprint in the Cayman market and we are grateful to Saxon’s shareholders for their trust and support throughout the process.”

Saxon, founded in 2011, said its existing team would continue to service policies held with the company, although they would be underwritten by Indigo.

It emphasised that customers did not have to do anything because all insurance policies issued by Saxon would remain in force.

It added the deal had already been given regulatory approval.

Saxon is a property and casualty insurer and specialist in motor insurance with about 25% of the market share in Cayman.

The company also provides coverage for liability, property and a range of other risks.

Saxon Administration services about US$1.5 billion worth of Cayman-registered pension plans.

Hilts said, “By integrating Saxon’s keen market knowledge and Colina Holding’s expertise, we will deliver even greater value to our customers and shareholders.”

He confirmed that Saxon’s management and staff would remain “an integral part of the business, ensuring continuity while leveraging our experience and expertise”.

Colina Insurance is the dominant force in the Bahamas’ life- and health-insurance market.

Colina Financial Advisors, an investment advisory company, manages more than B$2.8 billion (about CI$2.3 billion) in assets, including pensions.

Colina Holdings was set up in 1993 as a holding company for insurance and financial services firms and has more than B$800 million in assets and B$200 million in shareholder equity.

Indigo, which also operates in the Bahamas, was launched in Cayman in 2020 as an internet-first provider of home and car insurance.

“We are excited about the opportunities this new partnership brings; together we will set new standards of excellence across the region,” Hilts said.

Saxon said that remaining approvals for the deal would be finalised soon and that customers would be notified and given any additional policy information needed when the merger was completed.