CL Financial Limited is selling its 94.24 per cent shareholding in COLFIRE.
Colfire was previously listed by Finance Minister Colm Imbert as one of the assets that CL Financial could sell to repay its $30 billion debt to taxpayers.
“The divestment of (Colfire) will be structured as the sale of CL Financial Ltd’s 94.24 shareholding on an as is where is basis. Offers will only be considered for the 94.24 per cent shareholding of (Colfire),” a notice stated.
Colonial Fire Insurance Company Limited was incorporated in 1955 by the late Cyril Duprey.
In 1958 it commenced operations in Port-of-Spain as a small specialised company of qualified underwriters.
The company’s name was amended in 1968 to Colfire to include all services in property, motor, liability, marine and other insurance lines.
Colfire is stated to have some 85,000 customers.
According to the Association of Trinidad and Tobago Insurance Companies (ATTIC) in 2018 Colfire was ranked third in the local general insurance market recording $282 million in gross written premiums.
Colfire claimed 17 per cent of the local Motor Insurance market.
Overall, Colfire was reported to have $309 million in assets in 2018.
Last December the Caribbean Information and Credit Rating Service (CariCRIS) for the fourth successive year gave Colfire a Corporate Credit rating of CariA (Foreign and Local currency Ratings) on the regional scale and ttA on the Trinidad and Tobago National Scale.
“The stable outlook is based on our expectation that Colfire will continue to maintain profitable operations and adequate capitalisation, despite the challenge economic circumstances arising from the coronavirus (COVID-19) pandemic. Moreover, the Company is expected to maintain its strong market position and Good credit quality of financial assets over the next 12-15 months,” CariCRIS stated.
Prospective buyers are asked to email www.cfgiclsale.com in order to access more detailed information about the process pertaining to the sale as well as the associated Non-Disclosure Agreement.