Colonial Fire and General Insurance Company Ltd (Colfire) and Trinidad and Tobago Insurance Ltd (Tatil) plan to combine into a single legal entity, T&T Insurance Ltd, effective January 1, 2027, according to a notice sent to policyholders this month.

The amalgamation, still subject to regulatory approval, is being carried out under the supervision of the Central Bank of Trinidad and Tobago as insurance regulator. It builds on Tatil’s 2023 acquisition of Colfire, a deal that traces back to 2021, when CL Financial, then in liquidation, agreed to sell its majority stake in Colfire to Tatil. Tatil completed a compulsory buyout of the remaining shares in April 2023.

Tatil is a subsidiary of ANSA Merchant Bank Ltd, whose ultimate parent is ANSA McAL Ltd. The combined entity is expected to become the country’s largest insurer, though ANSA McAL’s insurance sector head has said that scale is not the primary objective of the merger.

The notice, signed by Colfire director and chief organisation officer Ashraff Ali, said both brands will keep operating under their existing names after the amalgamation takes effect. Customers will continue dealing with familiar teams and the same services, it said.

Once the merger is complete, T&T Insurance Ltd will take on all rights, obligations and liabilities tied to both companies’ general insurance policies, including responsibility for settling existing and future claims. Current policies remain valid and unchanged in the meantime. Coverage terms, benefits and conditions will stay the same, and policies will simply renew under the new amalgamated company name once they reach their expiry dates.

Policyholders retain the right to cancel a policy at any time under its existing terms, including a pro-rated premium refund where applicable, the notice said.

The amalgamation is proceeding under the Companies Act and the Insurance Act. Policyholders or shareholders who want to review the Scheme of Amalgamation can inspect documents at Colfire’s office at the corner of Duke and Abercromby Streets in Port of Spain, or at Tatil’s headquarters on Maraval Road. The inspection period began September 10 and runs to October 2, weekdays from 8 a.m. to 4:30 p.m., excluding public holidays.

Anyone objecting to the merger can file a written objection with the Central Bank’s Inspector of Financial Institutions, or with Colfire and Tatil directly, during the inspection period or within 20 business days after it closes. That objection window is expected to extend into early November.

“If you have no objection, no action is required,” the notice stated.

No timeline has been given yet for when the Central Bank is expected to rule on the application.