News Release: Hamilton, Bermuda, Tuesday, March 12, 2019 – Colonial Group International Ltd. (CGI) has broken ground on a new office building in Freeport, Grand Bahama.
The 12,000-foot complex on The Mall, Freeport’s main commercial artery, represents an investment of approximately $4 million by the Bermuda-based company.
CGI chairman Dr Grant Gibbons said during the ground-breaking ceremony that the project demonstrated Colonial’s corporate faith in The Bahamas while underscoring the quarter-century partnership between Colonial’s member companies and the country.
While the CGI Group family remains firmly committed to Bermuda, the Chairman noted that, “The CGI Group is proud and privileged to make this new investment in The Bahamas. It is our expectation and commitment that this structure and the quality of our business conduct will contribute much to the rejuvenation of this northernmost island.
“The complex, above all, signals our respect 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.”
Bahamas Prime Minister Dr Hubert Minnis said Colonial’s investment was a concrete sign of growing investor confidence in Grand Bahama.
“Today’s ground breaking is a bellwether of things to come,” he said. “After so many long decades of downturn and economic stagnation, the revival of Grand Bahama has begun.”
CGI offers health and life insurance, property and casualty insurance and pension plans and retirement services through its member companies operating in The Bahamas – Atlantic Medical Insurance and Security General Insurance, Colonial Pension Services (Bahamas) and Nassau Insurance Brokers Agents.
Colonial’s head office in The Bahamas is located in Nassau. The new Freeport office will serve clients in Grand Bahama and Abaco.
The new Colonial building will incorporate green technology with an emphasis on energy conservation and water consumption.
Colonial Group international Ltd is a Bermuda-based holding company for the Colonial Group of Companies which has commercial operations in Bermuda, the Cayman Islands, The Bahamas, the British Virgin Islands, Barbados and the Turks and Caicos Islands.
Photo Supplied: Bahamian Government officials and CGI representatives breaking ground on the Colonial’s new office complex in Freeport, Grand Bahama, February 20, 2019. Pictured from left to right are: Mr Larry Gibson, chief operating officer, Colonial Pension Services, Architect Mr. Donald Dean, Mr Ian Rolle, chief executive officer, Grand Bahama Port Authority, Deputy Prime Minister and Finance Minister, Hon. Peter Turnquest, Lynda Gibson, executive vice-president/general manager Atlantic Medical Insurance, Colonial Group chairman Dr. Grant Gibbons, Bahamian Prime Minister Dr. the Hon. Hubert Minnis, Colonial vice-chairman David Gibbons, Naz Farrow, CGI chief executive officer, Senator, the Hon. Katherine Forbes-Smith and Health Minister, Dr. the Hon. Duane Sands.