CG closes on Massy United, expands Caribbean presence
Bermudian-based Coralisle Group Ltd has expanded its presence in the Caribbean with the acquisition of a 100 per cent interest in Massy United Insurance Ltd of Barbados.
United now operates within the Coralisle Group as CG United Insurance Ltd.
CG said the acquisition adds 14 new markets where CG United operates. It also makes CG the property and casualty insurer with the broadest footprint across the Caribbean region.
The markets include Anguilla, Antigua & Barbuda, Montserrat, Dominica, St Lucia, St Vincent, Saint Maarten, Grenada, Trinidad & Tobago, Guyana, Curacao, Aruba, Jamaica and Belize.
The company said the CG United brand will be rolled out incrementally across the various jurisdictions as respective regulatory requirements are 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 company said.
It added that the acquisition of CG United is a “game changer” for the group.
CG chairman Grant Gibbons said the transaction “aligns perfectly with our strategic objective to grow responsibly towards 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 organisational synergies of the two insurance groups.
She added: “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.
“We are now working to make sure the transition for CG United customers is seamless. This means working closely with their agents and brokers in multiple markets, supporting their service commitments and ultimately providing clients with access to new and enhanced products at competitive pricing.”
Randy Graham, CG United’s chief executive officer, said the deal marked the start of a new and exciting chapter for CG United’s customers and its employees.
He added: “It positions us to grow the business by expanding our commitment to customer needs, from property and casualty insurance to life and health insurance.
“Our expectations are very positive because we share with CG the same people-first approach to business, providing customers prompt, compassionate and reliable service, especially in times of need.
“This mutual commitment to service is, in our view, the tried-and-true basis from which to move our business forward.”
CG said both companies are financially strong.
CG and United carry AM Best ratings of A and A-, respectively.
In addition, the company said, a CG United presence in 20 Caribbean markets with complementary lines of business is expected to diversify the group’s risk profile.