FATUM HOLDING ACQUIRES ROYAL & SUN ALLIANCE (ANTILLES)
Press release
Fatum Holding N.V. (Fatum), today announced the acquisition by Fatum of 100% of the issued share capital of Royal & Sun Alliance Insurance (Antilles) N.V. from the RSA Group and Maduro & Curiel’s Bank.
The financial terms of the transaction are not being disclosed at this time. The successful completion of this transaction is subject to all necessary approvals from the Regulators in Curacao, Sint Maarten, Aruba and the islands of Bonaire, Sint Eustatius and Saba.
RSA (Antilles) is a major provider of General Insurance products and services in the Dutch Caribbean, and is jointly owned by the RSA Group, one of the world’s leading multinational listed insurance groups with major operations in the UK, Scandinavia, Canada, Ireland, Asia, Central & Eastern Europe, Middle East and Latin America, and MCB, the largest commercial bank in the Dutch Caribbean.
According to Fatum’s President & Chief Executive Officer, Mr. Steven Martina, “The acquisition of RSA Antilles further strengthens and endorses Fatum’s position as the leading provider of General Insurance products and services in the Dutch Caribbean, which is key to the strategic objectives of Fatum. This acquisition will consolidate our position as the leading company in the general insurance sector, a position with which we are very comfortable.”
Fatum is fully owned by Guardian Holdings Limited (GHL), the largest Financial Services and Insurance Group serving the English & Dutch Caribbean. In addition to Fatum, GHL also owns Guardian General Insurance Company Limited (GGIL), which itself is the largest indigenous general insurance company serving the English Caribbean.
According to GHL Group Chief Executive Officer, Mr. Jeffrey Mack “with the addition of RSA Antilles to our general insurance portfolio, and the acquisition last month of Globe Insurance Company in Jamaica, GHL now has an unassailable market leadership position in the general insurance sectors across all of our core markets, fulfilling our strategic objective and demonstrating our confidence and commitment to the people and economies of the Caribbean”.
Fatum was assisted by attorneys Dinesh Mishre and Karel Frielink of Spigt Dutch Caribbean
(20 December 2012)
.
