TATIL, the insurance company whose ultimate parent is ANSA McAL, has entered into a lock-up agreement to acquire Colfire, the CL Financial-owned general insurance company.
CL Financial is in liquidation.
The lock-up agreement was entered into last Thursday, according to a notice issued by Robert Ferreira, the corporate secretary of ANSA Merchant Bank, which wholly owns TATIL.
ANSA McAL is the majority shareholder of ANSA Merchant and both companies are listed on Trinidad and Tobago Stock Exchange.
If successful, TATIL’s acquisition of Colfire will shake up the general insurance in T&T as the two companies are the second and third largest companies in the space.