Jamaican Financial Group Takes over Regional Insurance Conglomerate

NCB Financial Group Limited now owns nearly 62 per cent of the outstanding shares in Guardian Group Holdings.

KINGSTON, Jamaica, Thursday May 16, 2019 – The largest and most profitable financial services group in Jamaica now owns regional insurance conglomerate Guardian Holdings Limited (GHL).

NCB Financial Group Limited (NCBFG) says it has successfully completed the acquisition of 74,230,750 ordinary shares in GHL, following the granting of all necessary regulatory approvals, including in Jamaica and Trinidad & Tobago, and the closing of the take-over bid earlier this month.

The shares were taken-up and paid for on Monday.

Based on the shares acquired, NCBGH now owns nearly 62 per cent of the outstanding shares in GHL.

“As we stated at the beginning of this journey, we believe this transaction is a game-changer in the history of the region. Amidst the context of the de-risking impacting the region, we are proud and excited about the implications and prospects of two leading indigenous Caribbean institutions coming together to drive economic growth, customer and shareholder value,” said NCBFG Chairman Michael Lee-Chin.

Patrick Hylton, Group President and CEO of NCBFG added that with each having become stand-alone regional leaders, “NCB and GHL combined have the opportunity to become a world class financial services conglomerate, which has positive implications for our shareholders, our region and its citizens.”

GHL CEO Ravi Tewari said the development should allow his firm to better serve the region.

“Since the acquisition of the first block of shares in 2016, the Guardian Group began to see opportunities for a very positive impact for the shareholders, clients and employees of the Guardian Group. This further deepening of the relationship between two leading Caribbean companies augurs well for the acceleration of these positive impacts for Guardian and the region,” he said.

NCBFG was incorporated in April 2016 as the financial holding company for National Commercial Bank Jamaica Limited. Through the bank and its wealth management, life and general insurance, and offshore banking subsidiaries, it provides a wide array of financial products and services.

The NCB Group includes NCBJ, NCB Capital Markets Limited and its subsidiaries in Barbados and Cayman, NCB Insurance Company Limited, Advantage General Insurance Company Limited, NCB (Cayman) Limited, Clarien Group Limited and its subsidiaries in Bermuda, Guardian Holdings Limited and its subsidiaries, as well as NCB Global Finance Limited in Trinidad and Tobago.

GHL, the parent company for the integrated financial services group Guardian Group with a focus on life, health, property and casualty insurance, pensions and asset management, serves markets in 21 countries across the English and Dutch Caribbean, including Trinidad and Tobago, Barbados, Jamaica, Curacao, Aruba, St Maarten and Bonaire.

Click here to receive news via email from Caribbean360. (View sample)