Ravi Tewari resigns from Guardian Group board

FORMER CEO of Guardian Holdings Ltd (GHL) and director, Ravi Tewari has resigned as a director, effective April 29, according to an ad issued by GHL in the Trinidad and Tobago Newsday on May 3.

The ad also said Bruce Bowen, who was brought on as an adviser to then interim CEO, Robert Almeida, last year, was elected director during the group's annual general meeting on May 2.

“Guardian Group takes this opportunity to sincerely thank Mr Ravi Tewari for his valuable contribution to the company and is pleased to welcome Mr Bowen to the board,” GHL said.

Tewari is an actuary by profession, with 25 years’experience in the insurance industry. His profile on the group’s website said he began his career in actuarial consulting and worked for several insurance clients in the Caribbean before joining Guardian in 1998.

He was appointed president of Guardian Life of the Caribbean in 2005; head of the lifeline for the business in 2011; and group CEO up until 2022.

Bowen, a former CEO of Scotiabank Jamaica, moved to Guardian Group as a special adviser to Almeida last year.

Guardian Holdings reported a $696 million profit after tax in its summary consolidated financial statements for the period ending December 31, published on April 2.

For the first quarter of the year ending March 31, 2024, the group recorded $234 million in profits after tax. It represented a nine per cent or $22 million decline in profits as compared to restated figures from the year before, at $256 million.

Almeida said insurance revenue grew 12 per cent over the prior year, which was a result of continued growth in core business performance across diversified operations in the English-speaking and Dutch-speaking Caribbean. The property and casualty business lines also recorded growth, going from $611 million for the first quarter of last year, to $712 million this year.

The insurance brokerage segment recorded a nine per cent increase in income as a result of operations in the Netherlands. The segment garnered $74 million.

Asset management also reported year-on-year growth with a 24 per cent increase in revenue.

“Overall, our board is very satisfied with the group’s performance,” Almeida said. “The group remains sufficiently capitalised and compliant with regulatory ratios. The diversified business model also continues to position the teams well to respond to the changing business landscape.”