Franklyn Wilson, chairman of Sunshine Insurance, has confirmed that his company and its partners have signed a definitive purchase agreement to acquire Royal & Sun Alliance businesses in the Bahamas, Cayman Islands and Turks and Caicos, for an undisclosed sum.
Wilson, whose road to success has been riddled with questionable business practices, acquired the business for what market sources described as "a snip", the purchase price being little more than the company's net asset value.
The Royal & Sun Alliance deal intensifies the consolidation the Bahamian insurance sector is experiencing currently, with Colina Insurance Company having purchased a majority stake in Global Bahamas and Star Insurance merging with Family Guardian.
