Tatil Ltd has fully acquired the operations of Trident Insurance Company in a merger with its Brydens Insurance branch in Barbados.
The announcement was made on Thursday in a press release. Despite delays, Tatil’s chairman Ray Sumairsingh said the merger received all regulatory approvals in Barbados and TT. Attempts to contact Sumairsingh about the cost were unsuccessful.
In the release, Sumairsingh said the move will allow Tatil to expand its insurance footprint in Barbados and boost its offerings to the market.
“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."
Trident CEO David Alleyne, also in the release, said, “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.”
Managing director of Tatil, and president of the insurance association of the Caribbean, M Musa Ibrahim, 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.”
He added that a combination of Trident’s technological platforms and Brydens’ line up of insurance offerings, backed by a strong parent company, the Tatil branch was poised to take its place as a prominent financial services provider in Barbados.
In November 2020, Brydens Insurance published a notice on its website of its intent of the transfer of the insurance business and related assets of Trident to Tatil, through integration of existing insurance business and operations.
According to Ernst and Young's Premium magazine in 2020, Tatil held the second position in TT with 13 per cent of gross written premiums for 2019 in general insurance. Its total assets were $ 545 million. Ranked first was Guardian General Insurance Ltd with 25 per cent and total assets $791 million.
Tatil also ranked fourth in life insurance and pensions with total assets in 2019 at $2,431 million.