Coralisle Group to buy Barbados-based Massy United
Bermuda-based Coralisle Group Ltd is to expand its Caribbean presence with the acquisition of a 100 per cent interest in Massy United Insurance Ltd of Barbados.
The transaction is subject to regulatory approval in relevant jurisdictions.
The company said the acquisition of United will significantly expand CG’s existing presence in the Caribbean and add 14 new markets where United operates, including Anguilla, Antigua & Barbuda, St. Kitts & Nevis, Montserrat, Dominica, St. Lucia, St. Vincent, Grenada, Trinidad & Tobago, Guyana, Curacao, Aruba, Jamaica and Belize.
CG and United have complementary operations in The Bahamas, Turks & Caicos, British Virgin Islands, Barbados and the Cayman Islands, with minimal overlap in their product offerings.
CG said United will add a complementary suite of property and casualty insurance products to enhance the company’s core life, health and property and casualty product offerings in those locations.
Chief executive officer Naz Farrow described the acquisition as a “game changer” for CG for its geographical dynamic and its new business potential.
She said: “We are very excited to join with the people of United Insurance in this new venture to provide customers with a full range of insurance solutions.
“We are two well-established companies whose experience, skills and product lines are well matched to meet customer needs in all circumstances. 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.
“My colleagues and I are particularly looking forward to working with a company whose people-first approach to business is underpinned by a strong record of meeting the needs of customers and employees. We found the cultural, commercial and organisational synergies of this deal to be compelling.”
CG said both companies are financially strong with CG and United carrying AM Best ratings of A and A-, respectively.
Further, a CG-United presence in 20 Caribbean markets with complementary lines of business is expected to diversify its risk profile, the company said.
CG chairman Grant Gibbons said the acquisition of United aligns perfectly with CG’s strategic objective to grow responsibly toward becoming the insurer of choice in the region.
He said: “This acquisition will significantly strengthen CG’s presence across the Caribbean, enabling us to continue our growth and deliver insurance solutions to clients seeking comprehensive regional coverage.”
United’s chief executive officer Randy Graham said: “I see this transaction as the start of a new and exciting chapter for United’s customers and employees. Our business will expand with CG’s support, and with our matching commitments to the wellbeing of our clients, this expansion will stand on the firmest footing.”
RBC Capital Markets acted as financial advisor to Coralisle Group Ltd with Carey Olsen Bermuda Limited as legal counsel. Ernst & Young Corporate Finance acted as financial advisor to Massy Barbados LTD.
Coralisle Group Ltd is a Bermuda-based holding company for the Coralisle Group of Companies, which has commercial operations in Bermuda, the Cayman Islands, The Bahamas, the British Virgin Islands, Barbados and the Turks and Caicos Islands. The Group comprises independently incorporated companies in these jurisdictions offering property and casualty insurance, employee benefits for pensions and health, life assurance and personal investment products.
Massy United Insurance Ltd is a pan-Caribbean P&C insurance provider founded in 1977 and headquartered in Barbados. It serves corporate and residential clients across the English and Dutch Caribbean. The company operates in 19 territories with primary product lines in property, motor, accident, engineering and marine.