Westmoorings-based Guardian Holdings Ltd (GHL), one of the Caribbean region's largest financial services organisations, has announced that it received all final approvals from the Financial Services Commission of Jamaica (FSC) to conclude its acquisition of 100 per cent of the issued share capital of Globe Insurance Company of Jamaica Ltd (Globe).
With this acquisition, GHL has reinforced its position as one of the dominant players in the Jamaica marketplace, the group said in a statement.
GHL Group chief executive officer Jeffrey Mack said: "The final consummation of this transaction in Jamaica now allows us to begin to execute our strategy and plans to further improve our products and services there, leveraging the best talent in the industry, backed by a strong Caribbean Financial Services and Insurance Group."
Mack said "by combining its existing general insurance company, West Indies Alliance, with that of Globe, creates a best in class company that will be the largest commercial general insurance company in Jamaica. This will translate into tremendous opportunities for the staffs of the two organisations and will serve the interests of our customers."
GHL Group chairman Arthur Lok Jack said that "the acquisition of Globe is expected to be accretive to the Group's earnings within the first full year of ownership and reinforces our Group's commitment to Jamaica".
GHL has been a significant investor in the Jamaican market, having established Guardian Life Ltd in July 1999, following its acquisition of the individual life and pension portfolios of Jamaica Mutual, Crown Eagle, Dyoll Life and Horizon Life. In 2000, GHL acquired all the issued share capital of West Indies Alliance Insurance Company Ltd in Jamaica.
Globe is a major player in the general insurance market in Jamaica underwriting the following classes of insurance business: property, motor, liability, accident, engineering and marine.