Jamaican Eric Hosin, the current president of Guardian Life Limited, has been promoted to a new position as group head of life, health and pensions for Guardian Holdings Limited (GHL).
GHL, on Tuesday, announced “significant changes to its organisational structure”, which was recently approved by the board with Patrick Hylton as chairman.
NCB Financial Group, headed by Hylton, holds a controlling interest of 61.97 per cent in GHL.
Guardian Holdings is the parent company for an integrated financial services group known as Guardian Group, which includes Guardian Life, based in Kingston, Jamaica.
The mandate of Hosin’s new role is to ensure the promulgation of best practices across Guardian Life of the Caribbean Limited and Guardian Life Limited, GHL said. Hosin will also oversee the consolidation of the back offices of head of life, health and pension subsidiaries.
Hosin will be replaced by Meghon Miller-Brown, his current vice president of finance. The two take up the new roles effective June 1, 2022.
In the meantime, GHL is on the hunt for a new CEO as the current head, Ravi Tewari is set to demit office at the end of the year.
Speaking at NCB Financial Group’s investor briefing on Tuesday, Hylton said Tewari had disclosed that he harboured thoughts of leaving GHL.
“Mr Tewari had indicated that having spent some 30 years at Guardian, and well north of 20 years in senior management, he had personal aspirations that he wanted to pursue. We had a discussion, initially, last year, off the record, that he was giving some thought to it; and then earlier this year, he thought he had come to the point to hand in his resignation. He was gracious enough to make it effective at the end of the year,” Hylton said.
Guardian Holdings Chairman Patrick Hylton
Hylton noted that Guardian has the rest of the year to make arrangements to fill Tewari’s role. Tewari will remain on the GHL board as a non-executive director.
“So he will not be entirely leaving the Guardian family,” Hylton added.
GHL is also seeking a new CFO as David Maraj tendered his resignation, effective May 5.
Samanta Saugh has been appointed in an acting capacity as Group Chief Financial Officer with effect from May 15, 2022, until a replacement is found for Maraj.
“In relation to the CFO, that was more sudden and more recent. He has resigned for personal reasons, and I do not believe it is appropriate to comment beyond that under the circumstances. It is for personal reasons,” Hylton, said.
In the meantime, Hylton said it expects GHL’s past investment in upgrades to operations and operating structure will continue to reap significant benefits for the company.
“As a consequence, your board remains optimistic and excited about the group’s financial performance for the year,” Hylton remarked in comments attached to GHL’s financial report for the three months ended March 2022.
He noted that the group has started 2022 with a solid performance in the context of difficult economic conditions globally and specifically in its core markets.
Net profit attributable to equity shareholders for the three months ended March 31, 2022, amounted to TT$179 million, a two per cent increase over the corresponding period last year of TT $176 million.
Net result from insurance activities was TT$266 million, a 28 per cent increase from the $208 million reported in the corresponding period last year. Gross written premiums increased year-over-year by $95 million.
Meanwhile, net written premiums increased by $82 million. The Life, Health and Pensions business segment recorded a nine per cent growth in Gross written premiums primarily from the Trinidad and Tobago and Dutch markets.