T&T Insurance Ltd (Tatil) and Colonial Fire & General Insurance Company Ltd (Colfire) are seeking to formally combine their operations through a proposed amalgamation that will create a single legal entity from January 1, 2027, subject to approval from the Central Bank.
If approved, the amalgamated company would operate under the legal name T&T Insurance Ltd, while both the Tatil and Colfire brands would continue to be visible in the marketplace.
A notice to policyholders issued yesterday explained, “Colfire and Tatil propose to amalgamate into a single company in accordance with the Companies Act, Chap 81:01 and the Insurance Act, Chap 84:01, subject to the approval and regulatory oversight of the Central Bank of Trinidad and Tobago.”
The move represents the next step in the integration process that began when Tatil acquired Colfire in February 2023 following regulatory approval.
Explaining the rationale behind the proposal, the companies said the amalgamation would allow them to “combine the expertise and resources of two trusted insurers,” while also helping to “strengthen financial stability and long-term resilience.”
The notice added that the transaction is expected to “improve operational efficiency and service delivery,” “enhance claims handling and customer support,” and “offer a broader range of insurance solutions.”
However, both companies indicated that customers would continue to see the Tatil and Colfire brands in the marketplace.
“While Colfire and Tatil will legally become one company, both brands will continue to operate and be visible in the market,” the notice assured.
The companies also sought to reassure policyholders that there would be no immediate changes to their insurance arrangements, adding, “We want to reassure you that your existing policy remains valid and enforceable.”
The notice further stated that policyholders’ “coverage, benefits, terms, and conditions would not change as a result of the amalgamation” and that “all existing and future claims will continue to be honoured.”
According to the proposal, existing policies would continue as normal until their expiration dates.
“At renewal, your policy will be issued by the amalgamated company, Tatil, with the same coverage you currently enjoy,” the notice explained.
The companies also reminded policyholders that they would continue to have the right to cancel their policies in accordance with existing contractual terms stating, “You retain the right to cancel your policy at any time in accordance with its terms, including entitlement to a pro-rated refund of premium where applicable.”
Should the amalgamation receive regulatory approval and become effective on January 1, 2027, the merged entity would assume responsibility for all rights, obligations and liabilities associated with both companies’ general insurance business.
“From that date, the amalgamated company, Trinidad and Tobago Insurance Limited, will assume all rights, obligations, and liabilities relating to Colfire and Tatil general insurance policies, including responsibility for the settlement of all existing and future claims,” the notice stated.
The companies emphasised that the process is being undertaken under regulatory supervision and that the interests of policyholders remain a central consideration.
“The proposed amalgamation is being conducted under the supervision of the Central Bank of Trinidad and Tobago, as regulator of the insurance industry, to ensure compliance with applicable legal and prudential requirements and the protection of policyholders’ interests,” the notice said.
Tatil and Colfire have also advised that policyholders and shareholders who may be affected by the proposed amalgamation have the right to inspect the Scheme of Amalgamation and related documents during a specified period.
