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.