Bermuda company acquires Massy United InsuranceFriday, September 17, 2021
Bermuda-based Coralisle Group Ltd (CG) has announced the signing of an agreement to acquire 100 per cent interest in Massy United Insurance Ltd (United) of Barbados on September 7, 2021.
Transaction costs were not shared. CG said that the transaction, subject to regulatory approval in relevant jurisdictions, is expected to close as soon as requisite approvals are obtained.
Coralisle Group Ltd is a Bermuda-based holding company for the Coralisle Group of Companies (the Group), 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 and has received an A rating from AM Best.
It was outlined in a company release this week from CG that the acquisition of United will significantly expand its 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 said it has complementary operations with United in The Bahamas, Turks and Caicos Islands, British Virgin Islands, Barbados and the Cayman Islands, “with minimal overlap in their product offerings.”
More specifically, it was noted that the acquisition will add “a complementary suite of property and casualty insurance products to enhance CG's core life, health and property and casualty product offerings in those locations.”
CG Chief Executive Officer Naz Farrow, in the company release, described the acquisition as a 'game changer' for CG for its geographical dynamic and new business potential.
“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,” she said.
''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.”
It was noted that both companies are financially strong with CG and United carrying AM Best ratings of A and A-, respectively.
United's Chief Executive Officer Randy Graham said United was looking forward to working with CG.
“I see this transaction as the start of a new and exciting chapter for United's customers and employees,” he said. “Our business will expand with CG's support, and with our matching commitments to the well-being 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.