Guardian Group gets new COO

 

Guardian Holdings Limited (GHL) indicated on December 24 that Greer Quan has been appointed as Group Chief Operating Officer of GHL effective 1st January 2025. 

 Quan has over 17 years of experience in the financial services sector. GHL said. "She will be a significant asset as we continue to build on our vision of becoming the trusted provider of financial solutions across the region."

Her former roles include chief executive officer—Caribbean at Pan-American Life Insurance Group (PALIG) and chief operations officer at the Urban Development Corporation of Trinidad and Tobago (UDeCOTT).

She will oversee the group, which was in 2013, with all its subsidiaries rebranded to Guardian Group, a single brand and identity to represent the largest indigenous financial services and insurance group in the Caribbean.

As stated by Guardian, “These roles have honed her ability to lead transformative initiatives and deliver impactful results, qualities that make her a perfect fit for this pivotal position within the Group.

“Greer has been instrumental in shaping industry standards through her board-level roles with the Trinidad and Tobago Insurance Institute (TTII) and the American Chamber of Commerce of Trinidad and Tobago (AMCHAM TT). She brings a wealth of expertise in corporate governance, risk management and process optimisation, making her an invaluable partner for fostering innovation and navigating complex challenges,” Guardian Group stated.

Guardian stated it will continue “to build on our vision of becoming the trusted provider of financial solutions across the region, her leadership will be instrumental in shaping the future of the organisation. As part of her group-wide responsibilities, she will also oversee key shared services functions, with a renewed focus on service excellence, process optimisation and the implementation of innovative solutions.

Nine-month results

In May 2019, Guardian Holdings Limited (GHL) and NCB Financial Group Limited (NCBFG) and its wholly owned subsidiary, NCB Global Holdings Limited (NCBGH), started a new chapter with the successful completion of the acquisition of 74,230,750 shares in GHL. The acquisition, one of the largest of its kind within the region, resulted in NCB holding more than 62% of the shares of GHL.

Nine months to September 30, 2023, GHL s equity / book value per share increased from $15.70 to $18.58, compared to the prior year. Return on equity increased from 19% to 20%, earnings per share increased from $2.00 to $2.58 and interim dividends paid increased from $0.22 to $0.23. 

Insurance revenue grew by $363 million or 9% over the prior year mainly from continued growth in core business across the Group’s diversified product offerings in the English-speaking and Dutch Caribbean markets.

The Life, Health and Pension (LHP) segment contributed insurance revenue of $2.2 billion, up from $2 billion in the prior year by $183 million or 9%. Insurance revenue increased on all lines except Group Health, as clients continued to service their policies coupled with new business growth across all territories. 

This year-over-year increase in revenue was partially offset by increased insurance service expenses impacted by a higher level of health claims and directly attributable expenses. Total gross claims paid by the LHP Segment for the current period amounted to $2.2 billion compared to $1.8 billion in the prior year.

Property and Casualty (P&C) also reported higher insurance revenue of $2.2 billion, up from $2 billion in the prior year by $180 million or 9%, principally from operations in the Trinidad, Jamaica and Dutch Caribbean markets. Both the property and motor lines of business experienced revenue growth as they continued to build strong momentum.

The year-over-year growth in revenue was largely offset by higher insurance service expenses from higher incurred claim expenses. Total gross claims paid by the P&C Segment for the current period amounted to $494 million compared to $325 million in the prior year. The impact of net claims incurred from Hurricane Beryl is reported in the above results.

The P&C segment continues to closely manage the general tightening of reinsurance markets. For the reporting period, reinsurance expenses declined over the prior year benefitting from a higher level of incurred claims recovery.

Net income from investing activities increased by $51 million mainly from higher investment income and higher realized gains partially offset by lower net fair value gains and impairment losses. Excluding the previously referenced non-recurring net fair value gain of $174 million in the prior year’s results, the Group would have achieved a normalized year-over-year increase in net fair value gains and net income from investing activities of $119 million and $225 million, respectively.

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