Massy Holdings Limited has sold its 100 per cent interest in Massy United Insurance Ltd to the Bermuda based Coralisle Group for US $90.5 million.
Massy United Insurance was acquired as part of the Massy Group’s 2008 acquisition of Barbados Shipping and Trading.
On September 2, Massy Barbados entered into a share purchase agreement with the Coralisle Group.
Massy Holdings said this transaction represents its exit from the property and casualty insurance business line.
The company noted that in financial year 2020, Massy United Insurance generated revenue of $536.8 million, profit before tax of $41.3 million and held total assets of $2.1 billion.
“These results represent 4%, 6 % and 16%of Massy Group’s revenue, Profit before Tax and total assets respectively. The sale of this successful business is consistent with the Group’s strategy to focus its operations and future growth around its three main portfolios.” It reported to the T&T Stock Exchange