Guardian closes Jubilee sale
Published:Wednesday | October 5, 2011 | 12:00 AM
Insurance conglomerate Guardian Holdings Limited said Monday that it has concluded the sale of Jubilee Group Holdings Limited, its Lloyd's of London business, to Ryan Specialty Group LLC.
The transaction was finalised on September 23, after regulators, the Governing Council of Lloyd's and the United Kingdom's Financial Services Authority placed their stamp of approval on the deal.
In May of this year, Guardian Holdings said the decision to sell its 40 per cent stake in Jubilee Group Holdings was part of a strategic move to exit Europe and return to its Caribbean roots.
The sale of shares in Jubilee Group will immediately net about TT$140 million in cash for Guardian; while another TT$308 million in capital Guardian Holdings had committed to the underwriting of Jubilee business will also flow back to the company over the next four years.
Guardian Holdings' participation at Lloyd's goes back to 2002 with the acquisition of NEMWIL, followed later by a 40 per cent acquisition of Appleclaim Limited and Jubilee Managing Agency Limited.
Two years ago, Guardian also sold Zenith Insurance Company, the Gibraltar-based insurance carriers, from which it wrote off losses of TT$856 million.
Core companies in the Guardian Holdings group include Jamaica's Guardian Life Limited, Guardian General, Guardian Asset Manage-ment, and Fatum Holding NV.