NCB Financial Group Limited (NCBFG) has announced that the Board of Directors of its subsidiary, Guardian Holdings Limited(GHL), has approved a Sale and Purchase Agreement with PIB Group Limited for Thoma Exploitatie B.V.

The news was announced via the Jamaica Stock Exchange (where NCBFG trades), the Trinidad and Tobago Securities and Exchange Commission (in charge of regulation where GHL trades) and the NCBFG website.

This agreement involves the sale of 100 percent of the shares of Thoma Exploitatie B.V., which operates as Guardian Group Fatum’s Insurance Brokerage in the Netherlands.

The PIB Group is a standalone insurance intermediary organization that provides specialized insurance solutions both in the UK and internationally, including markets like Denmark, India, Poland, Spain, Italy, and Germany.

The PIB Group has subsidiaries such as PIB Insurance Brokers, PIB Risk Management, Cooper Solutions, Channel Insurance Brokers, CMR Insurance Services, Thistle Insurance Services, Fish Insurance, Morton Michel, Barbon Insurance Services, Jigsaw Insurance, Q Underwriting, Acquinex, Citynet, Guest Krieger, Cobra Network, Optis, Marx Re-Insurance Brokers, PIB Broker S.A., ABI, Cicor Internacional, Campion Insurance, Light Insurance, and Exito Consulting.

The PIB Group, employing more than 3,800 individuals worldwide, offers insurance solutions for businesses, personal clients, and employee benefits, along with risk management services. This group is supported by private equity investors such as Apax Funds and The Carlyle Group.

No word on the value of the transaction, but this sale aligns with NCBFG’s recent sale of 30% of Clarien Group Limited to Cornerstone Financial Holdings Limited (Cornerstone) on June 2024 and NCB (Cayman) Limited to Berkeley Financial Holdings Limited back in February 2024.

The deal will move forward via a closed sale process and is intended, according to the announcement, to increase shareholder value for both NCBFG and Guardian Holdings.

It is essential to mention that the sale requires regulatory approval in the Netherlands.