Fatum Holdings NV, a fully owned subsidiary of local conglomerate Guardian Holdings Ltd, has announced the acquisition by Fatum of 100 per cent of the issued share capital of Royal & Sun Alliance Insurance (Antilles) NV from the RSA Group and Maduro and Curiel's Bank.
The financial terms of the transaction are not being disclosed at this time.
The successful completion of this transaction is subject to all necessary approvals from the regulators in Curacao, Sint Maarten, Aruba and the islands of Bonaire, Sint Eustatius and Saba, a statement from Westmoorings-based Guardian Holdings said.
RSA (Antilles) is a major provider of general Insurance products and services in the Dutch Caribbean, and is jointly owned by the RSA Group, one of the world's leading multinational listed insurance groups with major operations in the UK, Scandinavia, Canada, Ireland, Asia, Central and Eastern Europe, Middle East and Latin America, and MCB, the largest commercial bank in the Dutch Caribbean.
Fatum president Steven Martina said in a statement released in Curacao and Trinidad and Tobago last week: "The acquisition of RSA Antilles further strengthens and endorses Fatum's position as the leading provider of General Insurance products and services in the Dutch Caribbean, which is key to the strategic objectives of Fatum. This acquisition will consolidate our position as the leading company in the general insurance sector, a position with which we are very comfortable."
Fatum is fully owned by Guardian Holdings Ltd (GHL), the largest financial services and insurance group serving the English & Dutch Caribbean. In addition to Fatum, GHL also owns Guardian General Insurance Company Ltd (GGIL), which itself is the largest indigenous general insurance company serving the English Caribbean.
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 and demonstrating our confidence and commitment to the people and economies of the Caribbean."