Clarien majority owner makes bid for insurer

  • Takeover bid: Michael Lee-Chin's NCB is aiming to buy a controlling interest in Caribbean insurer Guardian

    Takeover bid: Michael Lee-Chin's NCB is aiming to buy a controlling interest in Caribbean insurer Guardian


NCB Financial Group, the company that owns a majority stake in Clarien Bank, has made a bid to take a controlling interest in Caribbean region insurer Guardian Holdings Ltd.

Controlled by Michael Lee-Chin, the Jamaican-born billionaire, NCB has a 50.1 per cent stake in the Bermudian bank. Mr Lee-Chinís Portland Private Equity owns an additional 17.9 per cent stake in Clarien.

On Monday, NCBís subsidiary NCB Global Holdings, made an offer to all Guardian shareholders to buy up to 32.01 per cent of the company. The $2.79 per share offer is worth more than $207 million in aggregate.

NCB already owns 29.99 per cent of Guardian, which is based in Trinidad and Tobago and offers life, health, property and casualty insurance, as well as pensions and asset management in 21 countries across the English and Dutch Caribbean.

If the bid is successful, NCB would own a 62 per cent controlling interest in Guardian.

The offer is conditional upon Guardian shareholders tendering sufficient shares to give NCB a more than 50.01 per cent stake and on regulatory approvals for the deal.

The offer period is scheduled to close on February 7, 2019.

You must be registered or signed-in to post comment or to vote.

Published Jan 3, 2019 at 8:00 am (Updated Jan 3, 2019 at 8:55 am)

Clarien majority owner makes bid for insurer

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    Today's Obituaries

    eMoo Posts