Guardian Holdings has announced strong operational performance for its insurance businesses for the third quarter of 2007, particularly in its European operations.
The group produced an operating profit of $259.9m for the nine month period ended September 2007 and increased revenues of $3.7m vs $3.2m in the corresponding period in 2006.
GHL Europe, the group’s European operation combining the two Gibraltar based insurance companies Link Insurance and Zenith Insurance, has made a strong contribution in particular with a 32% premium income increase on the same period in 2006.
Arthur Lok Jack, chairman of Guardian Holdings, commented: “These results point to the continued steady improvement in our operations, despite difficult market conditions, and encourage us to be optimistic about the group returning to overall profitability in the near future.”
Lok Jack also announced the resignation of Rory O’Brien, the group chief executive. Lok Jack commented that Mr O ‘Brien informed him in August this year of his desire to return to the UK and it was with regret that he and the board accepted his resignation in October. Mr O’Brien will demit office on the 31st December. Peter Ganteaume, the former CEO of the group has agreed to assume the leadership until a suitable replacement for the role is found.
Arthur Lok Jack added: “It is thanks to the considerable efforts of all of our staff and management under the strong leadership of Rory O’Brien that GHL has continued to flourish. In his time as CEO, Rory has made a sterling contribution to the achievements of the group.”
