Guardian Holdings Limited Acquires Globe Insurance Company of Jamaica Limited

Kingston, Jamaica/Port-of-Spain, Trinidad & Tobago - Guardian Holdings Limited (GHL), in a joint statement with Lascelles de Mercado & Co. Limited (LdM), announced on September 11, 2012 the acquisition by GHL of 100% of the issued share capital of Globe Insurance Company of Jamaica Limited (Globe) from LdM, for a cash consideration of US$38 Million. The transaction was approved by the Financial Service Commission of Jamaica and closed on November 19, 2012.

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, According to GHL’s Group Chief Executive Officer, Mr. Jeffrey Mack, “The acquisition of Globe is an excellent fit for GHL’s regional growth strategy and puts us in a leadership position in the general insurance market in Jamaica, with approximately 20% share.”

GHL has been a significant investor in the Jamaican market, having established Guardian Life Limited 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 Limited in Jamaica. Taken together, GHL’s Jamaican businesses currently account for some 23% of Group profits and 17% of total assets.

GHL’S Group Chairman, Mr. Arthur Lok Jack stated that “the deepening of the Group’s position in Jamaica is testimony to the confidence and ongoing commitment of the Guardian Holdings Group to the Jamaican economy and people.”

BroadSpan Capital LLC acted as GHL’s exclusive financial advisor in this transaction.