Guardian Holdings Ltd (GHL) has announced its second acquisition within a month. Through its subsidiary, Fatum Holding NV, GHL has purchased 100 per cent of the share capital of Royal and Sun Alliance (Antilles) NV, a major general insurance company operating across the Dutch Caribbean.
Upon completion of this acquisition, which is still subject to regulatory approval, the combined operations of Fatum General and Royal and Sun Alliance (Antilles) will create the largest general insurance company in the Dutch Caribbean, Westmoorings-based GHL said in a statement.
Concurrent with its acquisition of Royal and Sun Alliance (Antilles), Fatum has entered into a long-term distribution arrangement with the Maduro and Curiel banking group to distribute Fatum's products through the bank's branches and their insurance broker, Maduro and Curiel Insurance Services.
"This latest acquisition comes on the heels of GHL's recently announced acquisition of Globe Insurance Company of Jamaica (Globe), which became part of the GHL group this past month. GHL intends to merge the operations of its existing Jamaican general insurance company, West Indies Alliance, with that of Globe. The combined entity will be the largest general insurance company in Jamaica," GHL said.
The two acquisitions will add approximately US$55 million in annual new revenue for the GHL group and both purchases are expected to be accretive to the group's earnings, the group said.
These moves, when combined with the GHL subsidiary Guardian General Insurance Company will bolster its position as operating the largest indigenous general insurance franchise in the Caribbean, serving 21 markets across the Caribbean region. GHL already owns and operates the largest life operation in the region, through its subsidiaries Guardian Life of the Caribbean, Guardian Life Limited, and Fatum Life and Health.
GHL Group chief executive officer Jeffrey Mack said: "With the addition of RSA Antilles to our general insurance portfolio, and the acquisition last month of Globe Insurance Company in Jamaica, GHL now has an unassailable market leadership position in the general insurance sectors across all of our core markets, fulfilling our strategic objective while emphatically demonstrating our confidence and commitment to the people and economies of the Caribbean and their continued development."