Summary of Proposed Investment
Project Number
24078
Company Name
Guardian Holdings Limited
Date SPI Disclosed
Feb 2, 2006
Country
Trinidad and Tobago
Industry
Financial Markets
Projected Board Date
Mar 6, 2006
Status
Completed
Sector
Composite Insurance (Life and Non-life)
Department
Global Industry, Financial Markets
Environmental Category
C - No Impact
Previous Events
Approved : Apr 27, 2006
Signed : May 8, 2006
Invested : May 10, 2006
Project Description
The project entails an IFC investment of up to $50 million in the form of a long-term subordinated loan to support the medium-term growth strategy of Guardian Holdings Ltd. (“GHL”), an insurer headquartered in Trinidad & Tobago. The expansion involves entering the less developed Central America/Caribbean Basin markets where GHL will focus on growing its life insurance business. GHL will also expand its domestic asset management business in Trinidad & Tobago and regionally. Moreover, GHL plans to further integrate its back-office operations and to extract operating efficiencies from recent and future expansion.
GHL is one of the three largest Caribbean insurers with consolidated revenues of $580 million, net income of $93 million, total assets of $2,185 million, and shareholders’ equity of $502 million in 2004. GHL’s operational subsidiaries and joint ventures are engaged in the underwriting of long-term life insurance, non-life insurance, and associated investment activities. The life insurance business traces its origins to 1847. GHL’s flagship Trinidad & Tobago life insurance and P&C subsidiaries are rated A (“Excellent”) and B++ (“Very Good”), respectively, by A.M. Best. These place them in the top quartile of global peers in terms of financial strength and the ability to meet obligations to policyholders.
GHL is one of the three largest Caribbean insurers with consolidated revenues of $580 million, net income of $93 million, total assets of $2,185 million, and shareholders’ equity of $502 million in 2004. GHL’s operational subsidiaries and joint ventures are engaged in the underwriting of long-term life insurance, non-life insurance, and associated investment activities. The life insurance business traces its origins to 1847. GHL’s flagship Trinidad & Tobago life insurance and P&C subsidiaries are rated A (“Excellent”) and B++ (“Very Good”), respectively, by A.M. Best. These place them in the top quartile of global peers in terms of financial strength and the ability to meet obligations to policyholders.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
gombima@ifc.org