FREEPORT, GRAND BAHAMA – Colonial Group International (CGI) – the parent company of Atlantic Medical Insurance Co Limited, Security & General Insurance, Colonial Pensions Services (Bahamas) and the Nassau Insurance Brokers & Agency Limited – will invest $4 million in Grand Bahama through the construction of a state-of-the-art building to become its northern hub of operations.
Situated on 1.5 acres of prime Freeport real estate on The Mall, the 12,000-square foot building will be a fully integrated business campus.
It will house the companies in the CGI group and offer 2,000 square feet of rental facilities for third-party tenants. The facility is set for completion in April 2020.
At a recent groundbreaking ceremony, CGI showcased an architectural rendering of the proposed facility which was created by The Architects Incorporated, a Freeport-based firm. Donald Dean, principal of the firm, said that the new facility will feature a modern design with traditional overtones. Painted Wedgewood blue and white, the structure will feature coral stone veneer and a Bermuda-style roof—making it easily distinguishable as a CGI property. The building will also be environmentally friendly, boasting state of the art green building technology with an emphasis on energy conservation and water consumption.
According to prime minister Dr Hubert Minnis, who gave the keynote address, CGI’s headquarters will help to enhance the city’s landscape and bring growth and improvement to Freeport’s real estate and construction industries.
Dr E. Grant Gibbons, CGI Chairman, told attendees that because of the Bahamian government’s commitment to the uplift Grand Bahama, it was imperative for CGI to make a substantial contribution to the growth of the island’s economic and social opportunities and facilities.
“The Colonial Group family is proud and privileged to have to make this new investment in The Bahamas. It is our expectation and commitment that this structure and the quality of our conduct of business will contribute much to the rejuvenation of this northernmost island. This complex, above all, signals our admiration for the resolve and continued optimism you Grand Bahamians have continued to show through the challenges of the past decade. We are honoured that you have accepted us as partners,” he added.
According to Dr. Gibbons, the investment in Grand Bahama is a natural progression, given the success that CGI’s group of companies have been experiencing in Nassau for more than two decades. Atlantic Medical Insurance remains a leading provider of group health, life and individual insurance, while Security & General Insurance is top of mind for home, motor and business insurance. Colonial Pensions Services (Bahamas) offers full-service pension plans and specialized investment solutions for both groups and individuals. The youngest company in the CGI group, at 14 years old, is the Nassau Insurance Brokers & Agency Ltd. NIBA provides clients with competitive rates and first class products and benefits for various kinds of insurance.
Lynda Gibson, Executive Vice President and General Manager of Atlantic Medical Insurance said that the groundbreaking was both the fulfillment of CGI’s goal to have its companies housed under one roof and the beginning of exciting developments that CGI has planned to boost the Bahamian economy.
Said Gibson: “You always hear about Freeport being in a state that it will not come back up. But our owners believe in coming into a community and changing things.”
“When we put up Atlantic House in Nassau, The Bahamas was in a deep depression. Our owners said, “Ok, we’re going to come in and make it work. That worked. So with that happening, we were able to convince our owners that Freeport will work too. So here we are today.”