London Stock Exchange-listed company Hansard Global is opening a new insurance company in The Bahamas.
In a statement released Thursday, Hansard Worldwide Limited (HWL) was granted an external insurance license by the Insurance Commission of The Bahamas (ICB) Wednesday, and is expected to begin trading near the end of this year.
According to the statement, the company will operate as part of the Hansard Group, alongside the Isle of Man based insurer, Hansard International Limited.
HWL indicated that it will provide “portable investment-linked insurance products to mobile, internationally minded clients, who wish to manage their long-term finances with a global perspective”.
Establishing a licensed presence in The Bahamas, in addition to its existing licensed presence in the Isle of Man which will remain its headquarters, provides the Hansard Group with what it calls “an important regional presence”.
Gordon Marr, chief executive officer (CEO) of Hansard Global stated that, “this move is also part of the company’s plans to have greater access to key markets such as Latin America and what it calls “the ability to better serve its clients and their financial advisors across those time zones.”
As it relates to long term, the statement highlighted that “the quality of infrastructure and availability of established, experienced support services which The Bahamas can provide are consistent with Hansard’s long-term plans. HWL is an important milestone in the history of the Hansard Group as it takes steps to ensure that it is correctly positioned for future developments and change, in light of longer-term industry and technological evolution.”
Marr explained that, “the establishment of Hansard Worldwide Limited represents a new chapter to the 30-year-strong development of the Hansard story and our commitment to clients in all parts of the world. To ensure we continue to support our mobile, internationally orientated clients, HWL will be working with high quality international, regulated independent financial advisors.
“The granting of its license is the first step in the establishment of the HWL business. We look forward to providing further information as we progress.”