The Colina Financial Group has acquired majority shares in Global Bahamas Holdings Limited from Barbados Mutual and Life of Barbados. It is proposed to merge Global Life Assurance Bahamas Limited with Colina Insurance Company Ltd., creating The Bahamas’ largest insurer with some $175 million in assets. The merger is subject to regulatory approval, but is expected to be completed within 90 days.
Colina now is focused on developing a 21st century insurance company able to compete in the local and international markets. Policy holders will be offered a wide array of financial services products, at affordable costs. James Campbell, President of Colina and recently elected President of Global Bahamas Holdings Limited indicated that the company will be introducing a new culture, *”..a culture that features the customer at the center of everything we do.”* He continued, *”The acquisition will enhance the shareholder and policy holders’ value, and they will benefit from the synergies anticipated in the merger. We intend to transform this entity into the progressive industry leader we know it can be.”*