Guardian Holdings to take 20% stake in Mundial Tenedora

Shareholders of Panamanian financial group Grupo Mundial Tenedora have approved a capital increase that will see Trinidad and Tobago-based Guardian Holdings Limited take a 20.1% stake in the company. Guardian Holdings' participation in the capital increase is subject to regulatory approval, insurance company Aseguradora Mundial said in a filing with the local stock exchange. A Guardian Holdings spokesperson told BNamericas the company would not comment on the transaction until it receives regulatory approval from Panamanian authorities. Grupo Mundial Tenedora executives were not immediately available for comment. Guardian Holdings is one of the largest providers of life, health, and P&C insurance, as well as pension and asset management services in the Caribbean. The company reported assets of 13.8bn TT dollars (US$2.20bn) at year-end 2004. Separately, Grupo Mundial Tenedora shareholders approved the merger of related holding company Grupo Mundial Inversionista into the group. Earlier this month shareholders of Panama's second largest insurer Aseguradora Mundial and mortgage bank Banco Panameño de la Vivienda (Banvivienda) approved the creation of separate holdings for both companies, which have now been merged to form Grupo Mundial Tenedora. Aseguradora Mundial reported first half earnings of US$2.3mn on net written premiums of US$33.9mn. Banvivienda had a loan book of US$102mn at the end of the first quarter, of which 84% were mortgages. The consolidation of Aseguradora Mundial and Banvivienda under a single organization follows a similar move earlier this year by the country's largest bank Primer Banco del Istmo (Banistmo), which grouped its banking, insurance and financial services operations under Grupo Banistmo.