TRIDENT INSURANCE COMPANY Limited is repositioning itself to deal with the changing dynamics in the general insurance industry in Barbados and the Eastern Caribbean. Its majority shareholders, the Leacock group, purchased GraceKennedy’s 30 per cent stake in the company on Monday.
The development means that Trident Insurance is currently 100 per cent Barbadian owned and operated.
Chief executive officer of the company, Algernon Leacock, said the purchase by the Leacock group was a strategic one that would allow the company to make the changes, and enter into the partnerships required for today’s changing marketplace.
“Given the changing dynamics and pressures in the general insurance market, the Leacock group decided it would be in their best interests to consolidate their holdings in Trident at this time, and to prepare the company for the consolidation and expansion opportunities occurring within the general insurance industry in Barbados and Eastern Caribbean. We are grateful to the GraceKennedy group for the years of partnership that began under Douglas Orane. It is, however, in the best interests of both parties to pursue differing strategies at this time.” Leacock stated.
The CEO added that while the transfer of shares which was completed on May 8, 2017 would necessitate changes at board level, it would have absolutely no impact on the ongoing operations of Trident Insurance.
“Our operations comprising of strong board governance, prudent management, sound reinsurance security and arrangements, and maintaining our enviable track record of excellence in customer service, will continue without interruption. This strategic buyout is another step in our evolution as a leading general insurance company in the Market place,” he said.
Trident Insurance Company Limited was established in 1979 and is among the top ten listing of insurers in Barbados (based on gross written premiums). It has a long heritage, innovative approach to customer service and is committed to using only excellent reinsurance security, provided by global Market leaders which are A. M Best “A” rated. (PR)
