Ansa buys Barbados insurance company

The Ansa Mcl group is adding another acquisition to its financial holdings with the buyout of Barbados-based Trident Insurance Co Ltd.

On Tuesday, the group's subsidiary Ansa McAl (Barbados) Ltd announced it has acquired the shares of Trident as it expands its insurance operations and becomes more competitive in Barbados, according to cananewsonline.com. The value of the deal was not disclosed.

“We are delighted to make this announcement, and to welcome Trident Insurance into the wider Ansa McAl family. We assure all policyholders that Trident Insurance will continue to conduct business as usual," said Ansa McAl (Barbados) Ltd chairman, Andrew N Sabga.

Trident president and chief executive officer, Algernon "Algie" Leacock, said the resources of Ansa McAl “will enable Trident Insurance to better support the evolving needs of our policyholders, and to remain a strong player in this fast-paced and aggressive financial environment. We are therefore extremely pleased to accept this offer.”

Trident, established in 1979, writes all classes of general insurance including motor, marine, property and liability.

Leacock, whose family owns Trident, said that following the divestment they, “will be pursuing other business opportunities which are a better strategic fit to their existing businesses and future expansion plans.

“We wish to thank Chris Sambrano, managing partner Advisory EY, and the several other professionals, who assisted us with this strategic divestment,” he added.

Ansa McAl's subsidiary owns several companies across a range of industries in Barbados. It has completed many acquisitions and mergers over decades of operating in Barbados, and currently employs an estimated 750 workers.

The Trident acquisition follows Ansa Mcl's announcement last week that it will buy Bank of Baroda's Trinidad operations after signing an agreement with the India-based financial services group.