Guardian buys RSA Alliance - Business - Jamaica Gleaner - Wednesday | December 26, 2012:
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Jeffrey Mack, CEO of Guardian Holdings Limited. - FILE
Guardian Holdings Limited (GHL) has acquired another insurance business, this time in the Dutch Caribbean.
GHL insurance subsidiary Fatum Holdings will own 100 per cent of the issued share capital of Royal & Sun Alliance Insurance once the deal closes.
The transaction is subject to approvals from the regulators in Curaçao, St Maarten, Aruba and the islands of Bonaire, St Eustatius and Saba, GHL said in a statement.
Guardian Holdings announced its latest acquisition in a press release last Thursday but did not disclose the cost of the transaction.
"The financial terms of the transaction are not being disclosed at this time," the release said.
It follows Guardian's acquisition of Globe Insurance in Jamaica earlier this month in a deal worth US$38 million. That acquisition reportedly gave GHL a 20 per cent market share in the general insurance sector in Jamaica and deepened its insurance footprint alongside life subsidiary Guardian Life Limited.
Royal & Sun Alliance Insurance was purchased from joint owners RSA Group and Maduro & Curiel's Bank.
The RSA Group is a leading insurance multinational with operations in the United Kingdom, Scandinavia, Canada, Ireland, Asia, Central & Eastern Europe, Middle East and Latin America, while Maduro & Curiel's Bank is the largest commercial bank in the Dutch Caribbean.
Royal & Sun Alliance Insurance is a major provider of general insurance products and services in the Dutch Caribbean.
£8.1 BILLION FOR 2011
It has about 23,000 employees and, at the end of the financial year 2011 wrote net written premiums totalling £8.1 billion.
Through a network of independent brokers, Fatum sells non-life, life, pension and health insurance from bases in Curaçao, Bonaire, St Maarten and Aruba.
"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 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," stated Jeffrey Mack, chief executive officer of GHL in the press release
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