UK insurer Aviva has sold its majority holding in Caribbean insurance subsidiary Ennia Caribe to Banco di Caribe for an undisclosed sum.

Aviva, the leading insurance provider in the UK and the sixth biggest insurer in the world, has sold its 79.65% holding in Dutch Antilles-based insurance provider Ennia Caribe through its Dutch subsidiary Delta Lloyd Group, which was the direct holder of the stake.

Local insurance company Banco di Caribe, which operates out of Curacao, bought the business. The purchase price was not revealed, however the current total net asset value of Ennia is E19 million with gross assets of
E359 million.

In a statement, Aviva said the sale was in line with Delta Lloyd’s strategy of focusing on the Dutch, Belgium and German markets.