Fatum buys Royal and Sun Alliance Insurance

PHILIPSBURG/WILLEMSTAD -- Fatum General Insurance, a subsidiary of Fatum Holding, announced on Friday the successful completion of Fatum's acquisition of 100 per cent of the issued share capital of Royal and Sun Alliance (R&SA) Insurance from the RSA Group and Maduro and Curiel's Bank.

 
All necessary approvals have been granted by the Central Bank of Curaçao and St. Maarten and the Central Bank of Aruba. Regulators in Bonaire, St. Eustatius and Saba are expected to advise on the agreement in due course, it was stated in a press release on Friday.
 
"With this acquisition complete, Fatum is now positioned as the clear market leader in fire, property and casualty insurance in Curaçao and St. Maarten. This is in line with Fatum's strategic direction and objective," it was stated in a press release from the company on Friday.
 
Acting Chief Executive Officer Diego Fränkel said, "The completion of this acquisition now officially positions us as number one in the property and casualty market, and is the realisation of our strategic objective. With the combined financial strength and experience of Fatum and R&SA, all of our clients can be confident of best-in-class products and services, with maximum convenience and accessibility. Our brokers are assured of a stronger business partner and market leader."
 
The operations of R&SA are intended to be merged with those of Fatum over the next few months, with a view to deriving the synergies and efficiencies of both organisations. The Fatum brand will replace the R&SA brand in all of Fatum's markets.
 
R&SA's existing clients are not expected to be affected in any way by the finalisation of this transaction. They can continue to rely on the same familiar service, the same products, conditions and premiums, it was stated in the release. They also can continue to use the services provided by their existing brokers. In addition, premium payments will not change until further notice.
 
"Fatum has been steadfastly improving its infrastructure and information technology platform during the past few months, which will enable brokers and clients to manage and view their products online in the very near future. As a result, doing business with Fatum will be even easier, faster and more efficient," the company promised.
 
Concurrent with the R&SA acquisition, Fatum has entered into a long-term distribution arrangement for its insurance products with Maduro and Curiel's Bank (MCB), which will leverage and build on MCB's already successful bancassurance model.
 
Fatum is fully owned by Guardian Holdings Limited (GHL). According to GHL Group Chief Executive Officer Jeffrey Mack, "GHL continues to build on its tradition of inorganic growth, pursuant to its objective of dominance in our home markets, having resumed this activity in earnest in 2012.
 
"Our recent audited results speak to excellence in performance in all of our markets, and we welcome R&SA to this tradition of unwavering service, commitment and value added to our stakeholders."
 
(The Daily Herald)
 
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