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Dec 22, 2004

F & G, Regent talking merger

Over the last two decades virtually every major industry in the global economy has seen the number of competing players shrink though massive mergers and buyouts. Locally, however, with most businesses relatively small and family owned, it is rare to see two companies become one. That may be changing, however, at least in the insurance industry. News 5 has confirmed that the nation’s two largest insurers, F & G and Regent, have been engaged in talks with an eye to merge the two operations. F & G chairman Chris Roe, speaking to News 5 today, emphasised that while no firm agreement has been produced, both parties see a lot of benefits to a merger. Negotiations continue, he said, and expressed the hope that some firm decisions will be made early in the new year. No staff cuts are expected to result from any joining of the two companies. Consolidation of the insurance industry in the Caribbean has been going on for some time, with the resulting financially strong institutions playing a major economic role in their respective countries and the region.

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