On August 16, the Central Bank of T&T granted Republic Financial Holdings Ltd (RFHL) approval for its wholly owned subsidiary, Republic Evolve Ltd to be registered as a long-term insurance company to conduct the life insurance class of business only.
Effective September 15 Republic Evolve Ltd (Republic Evolve) became known as Republic Life Insurance Company Ltd (Republic Life).
“The move into the insurance sector is a major milestone for the RFHL Group and supports the company’s ongoing strategic expansion of the range of products offered under the Republic brand,” a release from RFHL stated yesterday.
Speaking on the occasion of the name change, Nigel Baptiste, president and CEO of RFHL, said “I am extremely excited by this new opportunity for the Republic Family and look forward to the launch of our suite of life insurance products as we seek to better serve the needs of our many clients.”
When RFHL announced its entrance into insurance, it stated that it expect to commence offering its first life insurance products within 12 months.