Massy Hold­ings Lim­it­ed has sold its 100 per cent 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.

On Sep­tem­ber 2, Massy Bar­ba­dos en­tered in­to a share pur­chase agree­ment with the Coral­isle Group.

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.

“These re­sults rep­re­sent 4%, 6 % and 16%of Massy Group’s rev­enue, Prof­it be­fore Tax and to­tal as­sets re­spec­tive­ly. The sale of this suc­cess­ful busi­ness is con­sis­tent with the Group’s strat­e­gy to fo­cus its op­er­a­tions and fu­ture growth around its three main port­fo­lios.” It re­port­ed to the T&T Stock Ex­change