By: Kimberly Ramkhalawan
May 6, 2022
The Massy Group says it has officially concluded the sale of its Barbados based Massy United Insurance Ltd, to Bermuda’s Coralisle Group Limited.
The group made the announcement on Wednesday that it completed the sale of 100 percent of the share capital of the insurance company after receiving all regulatory approvals.
Massy commenced the sale following its announcement on September 7th last year.
For Coralisle, the acquisition adds 14 new markets where CG United operates, and describes this latest move as a “game changer” for the group. Currently these 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.
As for Massy, it says the sale of this successful business is consistent with the group’s strategy to focus its operations around its three main portfolios. This transaction represents the group’s exit of the property and casualty insurance business and as it exits the insurance business, it thanked stakeholders for their continued support and assured customers of continued coverage and service with the new owners.