Trinidad bases Guardian Holdings Ltd to sell Jubilee Group Holdings Group

The Trinidad-based Guardian Holdings Limited (GHL) and its minority shareholding partners say they have reached an agreement to sell their Lloyd's of London business, Jubilee Group Holdings Limited (JGHL).



They said the company is being purchased by Ryan Specialty Group for approximately 359 million TT-dollars or US-59.8 million.



GHL Group chief executive officer Jeff Mack says the decision to exit the business is part of an overall and ongoing strategic review of GHL’s businesses by its Board of Directors.



He said although the deal is still subject to the necessary regulatory approvals of both the FSA and Lloyds in the United Kingdom, the transaction values the business at 2.33 times book value.



Mack says this places a premium on the business which exceeds other comparable recent Lloyd's of London acquisitions.