Trinidad and Tobago Insurance Limited (Tatil) has announced the successful conclusion of its transaction to acquire Trident Insurance Company (Trident) in Barbados.
Tatil’s chairman Ray A Sumairsingh yesterday announced that all regulatory approvals in Barbados and T&T were received.
“This cements a move that expands Tatil’s insurance footprint in Barbados and boosts its offerings to the market,” a release from Tatil stated yesterday.
Acknowledging that the COVID-19 pandemic may have led to some delays in finalising the acquisition, Sumairsingh thanked the regulatory bodies in the two countries for their oversight in ensuring that all requirements were satisfactorily achieved.
The operations of Brydens Insurance, which is the Barbados branch of Tatil, have already merged with Trident Insurance, under the Trident brand name.
“The new Trident Insurance will continue to bring its uniquely Barbadian perspective to the business of serving its customers,” the release stated.
Commenting on the acquisition, M Musa Ibrahim, managing director of Tatil and president of the Insurance Association of the Caribbean (IAC), said: “We are excited by the many opportunities this transaction creates and the enhanced value it will bring to our stakeholders. Not only will our clients benefit from an expanded portfolio of products and services – including an A- (Excellent) financial rating from A M Best – but it opens doors for our employees to enhance their skills and career options.”
By combining Trident’s superior technological platforms with Brydens’ robust line up of insurance offerings, all backed by a strong parent company, Ibrahim said the Tatil branch is poised to take its place as a prominent financial services provider in Barbados.
David Alleyne, who has over 30 years of experience in a senior capacity in the insurance sector, has been named the chief executive officer of the new Trident.
Alleyne noted, “Trident Insurance’s roots run deep in the Barbadian culture – over four decades – and we will honour that legacy by maintaining the Trident name. Brydens Insurance is highly-respected in Barbados, particularly by corporate clients who value a stable, financial services provider, which our international A M Best rating supports. Our clients can rest assured that their business with us will be seamlessly transitioned, with no change to their policies, products or services.