Assuria acquires second T&T insurance company

(Trinidad Guardian) Surinamese company, Assuria NV has acquired a second insurance company in Trinidad and Tobago. In a notice to shareholders, the company announced its 77 per cent shareholding in Mega Insurance Company (MIC) with an acquisition of 15,791,682 of the company’s issued shares. “Following Assuria NV offer dated November 11, 2014 to purchase 18,183,334 ordinary shares or 89 per cent of the issued and outstanding shares  of Mega Insurance Company Ltd and Mega’s directors circular of December 19, 2014, Assuria successfully acquired 15,791,682 shares,” the company said

This follows Assuria’s acquisition of another local company, Gulf Insurance Ltd, in April 2013. On January 22, Lindsay Gillette, Paul Vilain, Inderjeet Beharry and Errol Cheong resigned  as directors of MIC. In a statement to the media on Friday, Assuria said the remaining shares amounting to 23 per cent are being held by shareholders. “With this acquisition, Assuria has strengthened its investment position in T&T, having acquired 100 per cent of Gulf Insurance Ltd—a provider of general insurance services—in April 2013.

Assuria regards the acquiring of Mega’s shares as strategic to its T&T and Caribbean regional development strategy,” the company said.

The new chairman of the MIC, Stephen Smit, also holds the position of CEO of Assuria NV. Other members of the board are Armand Achaibersing, chief financial officer, Assuria NV; Nario Merhai, chief commercial officer, Assuria NV; Suniel Nandpersad, deputy director, Foreign Operations, Assuria NV; Jason Clarke, CEO, Gulf Insurance Ltd; Martin Jim, financial consultant; Angela Lee Loy, CEO, Aegis Ltd; Albert Tom Yew, CEO, Mega Insurance Company.

 

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