Bermudian-based Colonial Group International has rebranded, changing its legal name to Coralisle Group Ltd.

All companies in the group, in Bermuda and across the Caribbean, will operate under the CG brand.

The changes take effect from today, the insurer announced.

Grant Gibbons, Coralisle Group chairman, said: “The Colonial name has served the group well for more than 60 years, but we believe its historical provenance no longer represents who we are or what we stand for as a group in the 21st century.

“We started out in the 1950s as a Bermuda company providing local insurance and have grown since then into a multinational concern serving diverse markets across the Caribbean.”

Dr Gibbons added: “The name change positions us to project a unified brand identity that facilitates recognition and growth in new markets while building and expanding our business in current markets.”

Examples of how the new branding will be applied include:

• Colonial Medical Insurance Company Ltd becomes Coralisle Medical Insurance Company Ltd, with its operations in Bermuda, Barbados, the British Virgin Islands and Turks and Caicos, trading as CG Insurance.

• In Cayman, the name change will see CG companies operate under the banner CG Britcay.

• In The Bahamas, the name change will see companies operate under the banner CG Atlantic. Atlantic Medical Insurance Ltd, for example, will trade as CG Atlantic Medical & Life, and Security and General Insurance Company Ltd will trade as CG Atlantic General.

Naz Farrow, CG's president and chief executive officer, said: “CG's growth across decades in diverse markets had been achieved through a commitment to providing people with products and services that make their lives better and more secure.

“CG's philosophy starts with putting people first and the name change will strengthen our ability to reach people needing insurance solutions.

“We're excited about the change because it positions CG for the next chapter in our story as the premier insurance provider from Bermuda to the Caribbean.”

Coralisle Group manages about $400 million of premium and contributions each year and has shareholders' equity of more than $270 million. The group also manages nearly $700 million of pension funds.