Bermudian-based holding company Colonial Group International has received regulatory approval for the acquisition of a minority interest in The Beacon Insurance Company Ltd of Trinidad and Tobago.

The approval was issued by the Central Bank of Trinidad and Tobago after it secured approvals from each of the jurisdictions in which Beacon operates.

The deal provides Colonial with access to Eastern Caribbean markets where Beacon is licensed to do business, including Grenada, St Vincent, St Lucia, Dominica, St Kitts and Nevis, Barbados and Trinidad and Tobago.

Colonial’s presence expands to 12 jurisdictions across the Caribbean region, the company said, enabling Beacon to leverage Colonial support to strengthen product offerings in health insurance and to introduce new and innovative products related to life insurance and pension services.

The Colonial-Beacon partnership is expected to generate significant growth opportunities for both insurers, Colonial said.

Naz Farrow, chief executive officer of Colonial, said: “This partnership significantly extends our market reach while allowing us to combine Colonial-Beacon attributes to strengthen our products for the benefit of existing and new customers.

“Integral to this partnership is a mutual people-first approach to service. Beacon has a strong and experienced management group that has enabled it to build a successful business by putting people first. That is precisely the approach we take here at Colonial and this business synergy bodes well for meeting customer needs.”

Gerald Hadeed, chief executive officer of Beacon, said the partnership “enables us to expand and deepen the range and quality of our products. This development is a significant positive for both our companies and the people we serve”.

Colonial Group has commercial operations in Bermuda, the Cayman Islands, The Bahamas, the British Virgin Islands, Barbados and the Turks and Caicos Islands. The group offers property and casualty insurance, employee benefits for pensions and health, life assurance and personal investment products.

Beacon was founded as the Caribbean Insurance Company in 1972. It has branch offices in Barbados, Grenada and St Lucia and agency operations in St Vincent and the Grenadines, St Kitts and Nevis and Dominica. Beacon provides general insurance for both individual and institutional clients including motor, property, marine cargo and hull, employee benefits and all commercial lines.