IFC Provides Equity to T&T Insurance Company

The IFC and its African, Latin American and Caribbean Fund (ALAC) are providing $75m in equity to Trinidad & Tobago-based insurance company Guardian Holdings. The investment includes $56.25m from the IFC’s account and $18.75m from ALAC. The company will use the funds to expand operations and develop the Caribbean insurance sector. An IFC spokeswoman says the bank will take a minority stake in the company, but does not disclose the exact size of the stake. Guardian Holdings is one of the Caribbean’s largest insurers, with total assets of $3.4bn and equity of $520m.