Bermudian-based insurer Colonial Group International Ltd is set to broaden its market presence in the Caribbean after it acquired a minority interest in Beacon Insurance Company Ltd of Trinidad and Tobago.
The partnership agreement, which is subject to regulatory approval by the Central Bank of Trinidad and Tobago, is expected to generate significant growth opportunities for both insurers, the companies said in a joint statement today.
The agreement will provide Colonial with access to additional Eastern Caribbean markets where Beacon is licensed to operate — Trinidad and Tobago, Grenada, St Vincent, St Lucia, Dominica, St Kitts and Nevis and Barbados, expanding its presence to 12 jurisdictions across the Caribbean region and diversifying its risk profile.
Beacon will be able to leverage Colonial’s support to strengthen its product offerings in health and introduce new and innovative products related to life and pension services.
Naz Farrow, Colonial’s chief executive officer, described the agreement as “perfect symmetry” for the two insurance groups.
“We are thrilled to partner with Beacon. This partnership will bring together complementary qualities that will strengthen product lines and expand and deepen our market presence — all for the benefit of our existing clients and new customers,” Ms Farrow said.
“Integral to this new partnership is a mutual people-first approach to service, in which the two companies take pride in promptly meeting our customer commitments.
“We are particularly keen to be working with Beacon’s strong and experienced management group. They have shown across decades that you can build a successful business by putting people first, which is precisely the approach we take here at Colonial.”
Gerald Hadeed, Beacon’s chief executive officer, said the Colonial-Beacon partnership was based on similar business cultures.
“Our motto at Beacon sums up our approach to business: ‘Insurance is a promise to pay and at Beacon we keep our promises.’
“In Colonial we see the same commitment, and their track record of being ‘first on the ground, first to settle’ proves it. We are delighted to join with them to continue serving our clients and growing our business through shared knowhow, skills and resources.”