Trinidad and To­ba­go In­sur­ance Lim­it­ed (Tatil) has an­nounced the suc­cess­ful con­clu­sion of its trans­ac­tion to ac­quire Tri­dent In­sur­ance Com­pa­ny (Tri­dent) in Bar­ba­dos.

Tatil’s chair­man Ray A Sumairs­ingh yes­ter­day an­nounced that all reg­u­la­to­ry ap­provals in Bar­ba­dos and T&T were re­ceived.

“This ce­ments a move that ex­pands Tatil’s in­sur­ance foot­print in Bar­ba­dos and boosts its of­fer­ings to the mar­ket,” a re­lease from Tatil stat­ed yes­ter­day.

Ac­knowl­edg­ing that the COVID-19 pan­dem­ic may have led to some de­lays in fi­nal­is­ing the ac­qui­si­tion, Sumairs­ingh thanked the reg­u­la­to­ry bod­ies in the two coun­tries for their over­sight in en­sur­ing that all re­quire­ments were sat­is­fac­to­ri­ly achieved.

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,” the re­lease stat­ed.

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.”

By com­bin­ing Tri­dent’s su­pe­ri­or tech­no­log­i­cal plat­forms with Bry­dens’ ro­bust line up of in­sur­ance of­fer­ings, all backed by a strong par­ent com­pa­ny, Ibrahim said the Tatil branch is poised to take its place as a promi­nent fi­nan­cial ser­vices provider in Bar­ba­dos.

David Al­leyne, who has over 30 years of ex­pe­ri­ence in a se­nior ca­pac­i­ty in the in­sur­ance sec­tor, has been named the chief ex­ec­u­tive of­fi­cer of the new Tri­dent.

Al­leyne not­ed, “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. Our clients can rest as­sured that their busi­ness with us will be seam­less­ly tran­si­tioned, with no change to their poli­cies, prod­ucts or ser­vices.