Yesterday, Jimmy Campbell, CEO of the Colina Insurance Company, announced that an agreement was reached on Monday to acquire Imperial Life Financial (Bahamas) from its Canadian parent, Desjardins Financial Security of Canada.
Subject to regulatory approval, the transaction is expected to be finalised in January, 2004. Imperial Life operations that were previously performed overseas will be repatriated to The Bahamas.
Reportedly, the acquisition means an increase to 70,000 policyholders for Colina, and a total asset base of $350 million, and positions the company to have 49% market share in the Bahamian life and health insurance sector. According to Mr. Campbell, the integration of the two companies should progress smoothly given Colina’s experience with mergers and acquisitions. Colina Insurance is a member of the Colina Financial Group Ltd. (CFG).
CFG is a diversified international financial services organisation. Its mission is*”to be the preferred financial services company in The Bahamas by providing superior value to our customers and shareholders”*. Colina subsidiary companies provide Life & Health Insurance, Property & Casualty Insurance, Private Banking, Financial Advisory, Investment Management, Market Research, and Registrar & Transfer services.