Massy exits property and casualty insurance market – CARICOM Business
Massy Holdings Limited has sold its 100% interest in Massy United Insurance Ltd to the Bermuda based Coralisle Group for US $90.5 million.
Massy United Insurance was acquired as part of the Massy Group’s 2008 acquisition of Barbados Shipping and Trading.
Massy Holdings said this transaction represents its exit from the property and casualty insurance business line. The company noted that in financial year 2020, Massy United Insurance generated revenue of $536.8 million, profit before tax of $41.3 million and held total assets of $2.1 billion.
Extract from CARICOM BUSINESS Vol 4 No. 36
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