IFC seals the deal with GHL

On December 01, 2010 Guardian General’s parent company Guardian Holdings Limited (GHL) secured an investment with the International Finance Company (IFC) in the order of US$75 million.  This marks a fantastic opportunity  for GHL as it not only represents a substantive equity investment and an increase in the balance sheet but will also create entry roads for insurance services in underserved areas of the Caribbean.

Recognising the potential of the Caribbean market, IFC chose to partner with GHL which is notably one of the three largest Caribbean insurers with operations in 21 territories.  According to Mr. Jeff Mack, GHL’s chief executive officer, this is a reflection of “a well run company from a corporate governance standpoint, from a risk management standpoint”.    Mr. Ewart Williams, Governor of the Central Bank, also noted that “The IFC’s decision to partner with GHL through equity participation demonstrates its tremendous confidence in the local financial services industry, despite the challenges the sector currently faces.”

Although the Insurance Industry is facing a difficult time right now, GHL and it’s subsidiaries including Guardian General continue to positively perform.  One of the main benefits shareholders will see as a result of this transaction is an increase in equity close to $400 million. 

“With IFC as a strategic partner, GHL is expected to have a more diversified risk exposure, a wider customer base, and stronger financial and operational capabilities. This will bring new opportunities for the group, shareholders and the wider community.” – Arthur Lok Jack, GHL Chairman