GHL buys Lascelles insurance subsidiary for US$38m

Guardian Holdings Ltd (GHL) bought out 100 per cent of the issued share capital of Globe Insurance Company of Jamaica Ltd from Lascelles de Mercado (LdM) for US$38 million. In a joint statement issued yesterday, GHL and LdM said the successful completion of this transaction is subject to all necessary approvals from the Financial Service Commission of Jamaica.

“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,” the statement read. “According to GHL’s Group chief executive officer, 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 per cent share.”

GHL has been a significant investor in the Jamaican market, having established Guardian Life Ltd in July 1999, following its acquisition of the individual life and pension portfolios of Jamaica Mutual, Crown Eagle, Dyoll Life and Horizon Life.