Republic Financial Holdings Ltd (RFHL) has granted approval for its wholly owned subsidiary, Republic Evolve Ltd’s registration as a long-term insurance company to conduct the life insurance class of business only.
The approval was granted by the Central Bank on August 16.
Republic Evolve Ltd said it expects to commence offering its first life insurance products within 12 months.
“This is a major milestone for the RFHL Group and supports our ongoing strategic expansion of the range of products offered under the Republic brand,” said Nigel Baptiste, president and CEO of RFHL.
He added that he was also extremely excited by this new opportunity for the Republic family and looked forward to the launch of its suite of life insurance products as the organisation seeks to better serve the needs of its many clients.