Guardian Holdings Ltd’s (GHL) board of directors has approved the execution of a sale and purchase agreement with PIB Group Ltd for the sale of 100 per cent of the shares of Thoma Exploitatie BV (Thoma).
In a notice pursuant to Section 64(1) (b) of the Securities Act 2012, published on the TT Stock Exchange on Thursday, GHL said Thoma is Guardian Group Fatum’s Insurance Brokerage business in the Netherlands.
GHL said the transaction was carried out through a closed sale process and aligns with the company's efforts to enhance shareholder value.
"The transaction is subject to regulatory approval in the Netherlands," GHL said.
GHL reported a profit attributable to equity shareholders of $197 million for the third quarter ended September 30, reflecting a 132 per cent increase compared to the corresponding period last year.
In his chairman report, Robert Almeida said, "Consistent with our strategy, we continue to make great strides in perfecting and protecting our core across several dimensions including capital management, risk management, technology investments, operational efficiency, product development and people and culture.
"Our positive momentum continued in 2024, delivering another quarter of robust results despite third-quarter profits being impacted by additional incurred claims from Hurricane Beryl. Compared to the prior quarter this year, third-quarter profits surpassed second-quarter performance by $30 million or 18 per cent mainly due to higher net income from investing activities and lower net insurance finance expenses offset by lower insurance service results, higher operating expenses and higher taxation."
On September 20, 2024, credit rating agency CariCRIS also reaffirmed the assigned ratings of CariAA- on the regional rating scale and jmAAA on the Jamaican national scale for GHL with a stable outlook.
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