While we were able to locate two negative press coverages that the Colonial Insurance, or Colonial Group International, has received in the Caribbean, we did not find any negative press coverages in general of Colonial Insurance or Colonial Group International. According to Royal Gazette reports, Colonial Pension Services — a subsidiary of Colonial Group International was fined a $200,000 by the Bermuda Monetary Authority in 2019.
Colonial Insurance: Overview
- Colonial Insurance Group, also called Colonial Group International, is a leading insurance provider with operations in Bermuda, the Caribbean, and select international markets.
- Other independently incorporated insurance subsidiaries of the Colonial Group International are Colonial Medical Insurance Company Limited, Colonial Life Assurance Company Limited, Colonial Re Ltd., Colonial Pension Services, Atlantic Medical Insurance, Security and General Insurance Company Limited, Nassau Insurance, British Caymanian Insurance, and Colonial Insurance (BVI).
Colonial Insurance: Press Coverage
1) Negative Press Coverage — Caribbean-specific Press Coverage
A) Colonial Pension Services fined by $200,000 by The Royal Gazette (Bermuda)
- This article by The Royal Gazette, which has press coverage in Bermuda, shows the $200,000 worth of civil penalty fine imposed by the Bermuda Monetary Authority to Colonial Pension Services, a subsidiary of Colonial Group International after they breached a condition of their license and they committed multiple breaches of regulations.
B) Former Insurance Agent Charged with Fraud by Eyewitness News (Bahamas)
- This article by Eyewitness News, which has press coverage in Bahamas, shows how a former insurance agent of Atlantic Medical Insurance Company, an insurance subsidiary company of Colonial Group International, was arraigned in the Magistrate's Court in Nassau, Bahamas, and was charged with 24 counts of fraud, including 6 counts "falsifying medical insurance to policyholders while working as an agent at Atlantic Medical Insurance Company".
- According to the Houston Chronicle, one of the most basic types of fraud are a misappropriation of company assets by their employee, and it can hurt, or negatively affect, the company's reputation and public trust towards them.
- Reason Why It's Considered Negative Coverage: The article shows the fraud charges given to a former employee of Atlantic Medical Insurance Company, an insurance subsidiary company of Colonial Group International, which will negatively affect the company's reputation and lose the trust of the public to the company.
C) Article about Bermuda's Healthcare Reform by The Royal Gazette (Bermuda)
- According to The Royal Gazette, Bermuda's Ministry of Health Minister Zane DeSilva was “a little disappointed” with the response of Colonial Group International regarding the planned healthcare reforms and National Health Plan.
- Ministry of Health Minister Zane DeSilva also added that they were still in dialogue with Colonial Group International, and commented that “I hope they take a page out of other insurance companies’ books. I don’t feel the love with Colonial at the moment. They need to work with us, to help with the national health plan.”
- In a published article by the Royal Gazette, an audience member named Amanda Outerbridge of the held 43rd public meeting on the National Health Plan Consultation Paper addressed the panel, which included Health Minister Zane DeSilva, and said that it's very concerning that there were only 400 people that have been exposed to their National Health Plan presentation and that there's one insurance group that has been meeting with other companies regarding the health plan issues.
- After that statement by Amanda Outerbridge, Health Minister Zane DeSilva responded with there has been one particular insurance company that has met with several. We understand the fear and we are going to rebut that. We’re very displeased to find out that one insurance company has been putting out major miss-truths about this; when people are being told that it’s going to cost them 35 to 40 percent of their income I’d be afraid as well. It’s very disingenuous to report that.
- According to The Royal Gazette, although the company was not named, they understood that the Health Plan’s ramifications have recently been a topic of dispute between the Ministry of Health and Colonial Insurance.
- Reason Why It's Considered Negative Coverage: Due to this articles showing disputes and misunderstandings between Health Minister Zane DeSilva of Bermuda's Ministry of Health and the Colonial Group International regarding the National Health Plan and healthcare reforms, we considered them as negative press coverage.
To locate information, insight, and data surrounding Colonial Insurance press generally, we started by combing the company websites, newsletter, and press coverage for information regarding press coverage in the Caribbean market. We found out that Colonial Insurance Group is also called Colonial Group International, with independently incorporated insurance subsidiaries like Colonial Insurance Company, Colonial Medical Insurance Company Limited, Colonial Life Assurance Company Limited, Colonial Re Ltd., Colonial Pension Services, Atlantic Medical Insurance, Security and General Insurance Company Limited, Nassau Insurance, British Caymanian Insurance, and Colonial Insurance (BVI). We went further to leverage information on the company website for any press release or news articles about their company. However, this strategy was unsuccessful as their company website doesn't have any press release or news webpage.
Next, we scoured press releases and credible websites like Forbes, CNN, Inc., Google News, BBC News, The New York Times, RT International, CNBC, and Reuters for information regarding general press coverage of Colonial Insurance, Colonial Group International, and it's subsidiaries. However, this strategy failed to locate the required information as information found was referencing news articles about the Caribbean and insurance on their countries.
Our research team change gear by sourcing for specific press coverages of the Colonial Group International in the Caribbean, and countries of Bermuda, Bahamas, and the Cayman Islands, with a focus on any negative press coverage and criticisms. We only chose to cover these 3 countries because of scope limitations. We utilize local media sources like the CANA News Online, Caribbean News Now, Loop, and Caribbean Life for the Caribbean; Bermuda Sun, Royal Gazette, Bermuda Today, Bermuda Real, Bernews, and Bermuda Insurance Magazine, for the Bermuda; Freeport News, Bahama Journal, Nassau Guardian, Eyewitness News, and ZNS Bahamas, for the Bahamas; and Cayman Compass and Caymanian Times, for the Cayman Islands. We found a negative coverage article from The Royal Gazette regarding the fine for the civil penalty they were imposed with due to multiple breaches of regulations by the Bermuda Monetary Authority in Bermuda (s6). Our research team also found an article by Eyewitness News about a former insurance agent of Atlantic Medical Insurance Company, a life insurance subsidiary of Colonial Group International, that was charged with multiple counts of fraud in the Magistrate's Court of Nassau, Bahamas (s7). By using the Houston Chronicle as a source, we determined that employee fraud charges negatively affects a company/organization's reputation and public trust towards them, which made us conclude that the article by the Eyewitness News is negative press coverage. Aside from these two negative press coverages that are specific to the Caribbean, like Bermuda and Bahamas, there were no other negative press coverages found from local media sources. Other press coverages and articles we found were positive coverages about the Colonial Group International or Colonial Insurance.
Lastly, our research team broadened the scope of the research by using social media research and analysis tools like BuzzSumo, Social Animal, Social Searcher, and Social Mention, among others, with the goal of finding any "general" negative press coverage and news articles of Colonial Group International, or Colonial Insurance, and any additional negative press coverages that are specific to the Caribbean, Bahamas, Bermuda and Cayman Islands, if available, that were shared by social media users. However, there were no relevant news articles that were shared or mentioned by social media users regarding negative coverage of Colonial Group International, or Colonial Insurance, generally or any negative coverages that are specific in the Caribbean. We only found positive coverage news articles that were mostly redundant with the ones we found above.
After extensive research, we, therefore, concluded that there is limited press coverage publicly available regarding negative press coverages about Colonial Insurance, or Colonial Group International, in general, and we only found limited negative press coverages about Colonial Insurance or Colonial Group International specifically in the Caribbean.