Lockhart Caribbean Corp. expects to double its revenues with the acquisition of two insurance companies.
Lockhart bought Guardian Insurance Co. Inc., a U.S. Virgin Islands-based insurance company, and Heritage Insurance Ltd., British Virgin Islands company, on Dec. 31 for an undisclosed amount of cash and stock of Lockhart Caribbean, according to a press release from Lockhart Caribbean.
The two acquisitions had been announced previously.
They expand the financial services arm of Lockhart, which also includes Premium Finance Co. (Caribbean) Ltd. and Premium Finance Co. (E.C.) Ltd.
"The purchase of Guardian and Heritage is another important step in Lockhart's diversification into the financial services business in the U.S.V.I and throughout the Eastern Caribbean," said John P. de Jongh Jr., president and chief operating officer of Lockhart Caribbean Corp. Lockhart Caribbean is one of the oldest and largest real estate companies in the Virgin Islands.
Along with increasing revenues, the acquisitions advance Lockhart's planned expansion into the Eastern Caribbean, according to de Jongh.
