BRIDGETOWN, Barbados, Thursday December 19, 2019 – Trinidad and Tobago conglomerate Ansa McAl is expanding its insurance operations with the buyout of Barbados-based Trident Insurance for an undisclosed sum.
Ansa McAL (Barbados) Limited purchased the shares on Monday – an acquisition which it said would expand its insurance footprint in Barbados and provide a strong and competitive market presence.
“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 chairman of Ansa McAl (Barbados) Limited, Andrew N. Sabga.
Ansa McAl Limited, the parent company of Ansa McAl (Barbados) Limited, is a diversified group of companies engaged in trading and distribution, automotive, construction, manufacturing, packaging and brewing, insurance and financial services and media and service industries.
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 the company, 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”.