Subject to regulatory and corporate approvals, Colina Insurance Company will acquire The Bahamas and Cayman Islands assets of the Canada Life Assurance Company – consolidating its position as the largest life and health insurer here. The acquisition reportedly involves 7,000 policies and $40 million in assets. Canada Life had acquired the Crown Life operations in The Bahamas and Cayman Islands in 1999.
Colina Insurance Company is part of the Colina Financial Group (CFG) that also includes Colina Financial Advisors and Sentinel Bank & Trust. CFG provides insurance, investment management, mutual fund administration, offshore trust, international private banking, and corporate services.
Last year, Colina merged with Global Life Assurance Company, bringing its policies to 43,000 and assets in excess of $180 million.
President Jimmy Campbell reported recently that first quarter performance of Global Bahamas Holding was very strong, with net earnings for that period in excess of $1.1 million. *”When Colina was bought by the Colina Financial Group some six years ago, it set out as its twin strategy to grow organically and to grow by acquisition; and we have not changed that strategy. We always are looking for opportunities,”* he said.