Bermuda-based Coralisle Group has acquired a 100% interest in Massy United Insurance of Barbados.
United now operates within the Coralisle Group as CG United Insurance Ltd.
The acquisition significantly expands CG’s presence across the Caribbean, adding 14 new markets where CG United operates: Anguilla, Antigua and Barbuda, Montserrat, Dominica, St. Lucia, St. Vincent, Saint Maarten, Grenada, Trinidad and Tobago, Guyana, Curacao, Aruba, Jamaica and Belize.
The CG United brand will be rolled out incrementally across the above jurisdictions as respective regulatory requirements are met in each territory, the insurer said in a press release.
Coralisle Group and CG United have complementary operations in the Bahamas, Turks and Caicos, British Virgin Islands, Barbados and the Cayman Islands, where the insurer operates CG BritCay, with little overlap in their product offerings.
CG chairman Grant Gibbons said the transaction “strengthens and expands our presence in the region, positioning us in new and existing markets to deliver a full range of insurance solutions, including comprehensive regional coverage”.
CG chief executive officer Naz Farrow said the acquisition was driven by its potential to generate new business and the commercial, cultural and organisational synergies of the two insurance groups.
“We are two well-established companies whose experience, skills and product lines are well matched to meet customer needs in all circumstances. We will work to advance the existing strengths and values United has built over decades,” she said in the press release.
Specifically, the acquisition would allow the insurer to introduce – over time – health, life and pension solutions to the markets where CG United operates, building on its property and casualty insurance offering.
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