The Trinidad-based regional conglomerate, ANSA McAL says one of its affiliates has acquired the shares of the Barbados-based Trident Insurance Company Limited as it expands its insurance footprint in Barbados and provide a strong and competitive market presence.
The companies did not disclose the amount of money paid for the transaction.
“We are delighted to make this announcement, and to welcome Trident Insurance into the wider ANSA McAL family. We assure all policyholders that Trident Insurance will continue to conduct business as usual,’ said ANSA McAL (Barbados) Limited chairman, Andrew N. Sabga.
The general insurance company which was established in 1979, writes all classes of general insurance including motor, marine, property and liability and the President and chief executive officer, Algernon ‘Algie’ Leacock, said the resources of the ANSA McAL conglomerate “will enable Trident Insurance to better support the evolving needs of our policyholders, and to remain a strong player in this fast-paced and aggressive financial environment. We are therefore extremely pleased to accept this offer”.
He said that following the divestment, the Leacock family and Group “will be pursuing other business opportunities which are a better strategic fit to their existing businesses and future expansion plans.
“We wish to thank Chris Sambrano, Managing Partner Advisory EY, and the several other professionals, who assisted us with this strategic divestment,” he added.
ANSA McAL (Barbados) Ltd is a conglomerate of companies across a diverse range of industries. It has completed many acquisitions and mergers over decades of operating in Barbados, and currently employs an estimated 750 workers.