Westmoorings-headquartered, regional insurer, Guardian Holdings Ltd (GHL), yesterday announced that two of its directors, Patrick Hylton and Dennis Cohen, resigned from the company with effect from November 13, 2023.
Hylton and Cohen joined the GHL board in 2016 and the company sincerely thanked them for their invaluable contribution to it and wished them well in all their future endeavours.
Hylton and Cohen served as CEO and deputy CEO of the NCB Financial Group (NCBFG) and were appointed as GHL directors following the Jamaican company’s first investment of 29.9 per cent in the T&T insurer in November 2015.
Hylton, who served as chairman of GHL, was replaced from that position by Robert Almeida on August 4. Almeida is a founding partner of Portland Private Equity, a leading manager of private equity funds focused on the Caribbean and Latin American region. Portland’s chairman is Michael Lee-Chin, who is also chairman of NCBFG.
NCBFG announced that Hylton and Cohen had resigned on Monday as officers and directors of the holding company and its subsidiaries, based on agreements reached with them.
“The related separation arrangements include cash payments and arrangements for the allotment of shares, and the costs will have a material impact on the performance of the company, primarily in the fourth quarter of the 2023 financial year ended September 30, 2023,” said NCBFG.
The Jamaican company received approval from its shareholders earlier this month to proceed with an Additional Public Offering of up to 450 million new shares. The shareholders of the company also considered and approved a resolution allowing it to facilitate the issue of shares for compensation purposes to executives and other employees of NCBFG and its subsidiaries.