C.G.I. to purchase Sun General; ANSA McAl to purchase Trident Insurance
C.G.I. Consumers’ Guarantee Insurance Company Ltd. has announced its intention to purchase Sun General Insurance Inc. Both general insurance companies say they intend to apply to the Financial Services Commission on January 20, 2020 for approval to close the deal.
The merged entity plans to continue as C.G.I. Consumers’ Guarantee Insurance Company Ltd., losing the Sun General name entirely, and the directors and shareholders of the Amalgamated Company will be the existing directors and shareholders of C.G.I.
According to a notice being sent out to policyholders, once the proposed merger is approved by the Financial Services Commission, the Amalgamated Company’s address will be 4th Floor, CGI Tower, Warrens, Saint Michael.
Policyholders of C.G.I. and Sun General can inspect the Amalgamation Agreement at their respective offices during normal business hours.
ANSA McAL on Monday also made an announcement, saying it would acquire Trident Insurance, expanding its insurance interests in Barbados and “provide a strong and competitive market presence”. ANSA McAL already owns and operates Brydens Insurance here as the Barbados branch for its subsidiary Trinidad & Tobago Insurance Ltd.
These announcements follow Sagicor’s purchase of Harmony General Insurance Co. Ltd’s operations in September last year.
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