Bermuda-based Coralisle Group Ltd. (CG) has acquired a 100% interest in Massy United Insurance Ltd. of Barbados (United). United now operates within the Coralisle Group as CG United Insurance Ltd. (CG United).
The acquisition significantly expands CG’s presence across the Caribbean, adding 14 new markets where CG United operates. These include Anguilla, Antigua & Barbuda, Montserrat, Dominica, St. Lucia, St. Vincent, Saint Maarten, Grenada, Trinidad & 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 duly satisfied in each territory. Coralisle Group and CG United have complementary operations in The Bahamas, Turks & Caicos, British Virgin Islands, Barbados and the Cayman Islands, with minimal overlap in their product offerings.
The acquisition of CG United is a ‘game changer’ for the Group. CG Chairman Dr. Grant Gibbons said the transaction ‘aligns perfectly with our strategic objective to grow responsibly toward becoming the insurer of choice in the Caribbean. ‘It 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 organizational 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. ‘In particular, the acquisition will allow us to introduce, over time, CG Health, Life and Pension solutions to the markets where CG United operates, building on its strengths in property and casualty insurance.