Port of Spain – Trinidad and Tobago Insurance Limited (Tatil) has acquired Barbados-based Trident Insurance Company Limited, after officially getting the nod from regulators, Tatil Chairman Ray Sumairsingh announced on Thursday.
Acknowledging that the COVID-19 pandemic may have led to some delays in finalizing the acquisition, Sumairsingh said the transaction has been successfully concluded with the receipt of all the required regulatory approvals here and in Barbados.
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.
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.”
Ibrahim added that by combining Trident’s technological platforms with Brydens’ lineup of insurance offerings, all backed by a strong parent company, the Tatil branch is poised to take its place as a prominent financial services provider in Barbados.
David Alleyne, who has over 30 years’ experience in a senior capacity in the insurance sector, is the chief executive officer of the new Trident.
“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,” he said.
“Our clients can rest assured that their business with us will be seamlessly transitioned, with no change to their policies, products or services.” (CMC)
