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Friday, May 8, 2026
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Family Guardian to buy 20% of Bahamas First By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FAMILY Guardian is poised to acquire a 20 percent ownership stake in fellow BISX-listed insurer Bahamas First, Tribune Business can reveal, with all regulatory approvals received and only the transaction’s closing awaited. The move, if completed, will see the life and health insurer acquire the largest shareholding in the property and casualty underwriter as its Canadian investor, Definity Insurance Company (formerly Economical Mutual Insurance Company), seeks an exit route from The Bahamas. Family Guardian, which is also a publicly-traded company listed on BISX, alluded to the deal at the bottom of its just-released 2025 audited financial statements although it was as vague as possible as to the identity of its target. “On February 27, 2026, the group’s insurance
Deal involving two BISX-listed insurers has regulatory approval Family Guardian chief signals could close ‘as early as next week Life and health insurer would acquire largest stake from Canadians subsidiary [Family Guardian Insurance Company] entered into a definitive agreement to acquire a 20 percent equity stake in another entity,” the ‘subsequent events’ section of its financials, signed-off on April 30, said. “As at the date of authorisation of these consolidated financial statements, all applicable regulatory approvals have been obtained. However, the transaction has not yet been completed, and the financial impact has not been recognised in the accompanying consolidated financial statements.” Insurance and financial industry sources, though, confirmed yesterday
this is indeed referring to Definity’s 20 percent equity interest in Bahamas First, although the latter’s own 2025 financials made no mention of it. Both top Bahamas First and Family Guardian executives were tight-lipped when contacted by Tribune Business yesterday but neither denied or refuted the deal. Alison Treco, Bahamas First’s executive chairman, declined to comment while Glen Ritchie, Family Guardian’s president, wrote in an e-mailed reply that a press release confirming the transaction will be released imminently.
“We are not in a position to disclose details at this time,” Mr Ritchie said. “However, we anticipate that we would be able to revert as early as next week.” Based on its 20 percent interest, Definity holds some 7.302m shares in Bahamas First given that the latter has some 36.512m outstanding common shares issued. And, given that Bahamas First shares closed at $2.70 per share on BISX yesterday, Family Guardian will have to pay $19.175m for the Definity bloc if the deal is at prevailing market price. Family Guardian’s healthy 2025 year-end balance sheet, which showed cash on hand of almost $20m and $81.916m in retained earnings, suggest that has sufficient financial firepower to complete the deal following a year in which profits rose by 37.8 percent or more than $2.6m to $9.74m compared to $7.066m in 2024. “You’re spot on with that,” one source told Tribune Business of Family Guardian’s
ACQUISITION - See Page B4
THE Opposition’s chairman yesterday asserted it will likely inherit “a fiscal minefield” if it wins the May 12 general election after The Bahamas’ top watchdog unveiled concerns over a potential $130m ‘hole’ in the Government’s Budget forecast plus $682m in unbudgeted loans and guarantees. Dr Duane Sands, also the Free National Movement’s
(FNM) Bamboo Town candidate, told Tribune Business his party is “under no false pretences” or illusions as to what it might inherit or uncover should it take office after the Fiscal Responsibility Council warned the Government’s failure to-date to enact the regulatory framework for collecting 15 percent corporate income tax means it could miss out on $130m in projected revenues for the current 2025-2026 fiscal year. Describing the Council’s revelations as “concerning but
not surprising”, he added that its report highlights “a toxic brew” and suggested that the Government is effectively treating itself to “interest free loans” through the accounts payables it owes to many small and medium-sized businesses for goods and services provided to it. Dr Sands told this newspaper that forcing Bahamian companies to carry these unpaid bills, or accounts receivables, for months and even years is effectively imposing an additional tax
World’s major billionaires in Bahamas Internet fight BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TWO of the world’s wealthiest billionaires are poised to go head-to-head in competing to provide satellite-based broadband Internet services to Bahamian businesses, households and government entities. The Utilities Regulation and Competition Authority (URCA), in its just-released ‘statement of results’ on the National Spectrum Plan 2026-2029 consultation, revealed that a subsidiary of Amazon, which is owned by Jeff Bezos, one of the world’s wealthiest men, has made “significant strides” in its plans to offer such
services to The Bahamas and the rest of the world. Leo Amazon, previously known as Project Kuiper or Kuiper Systems, has already launched 302 production satellites into orbit as part of a multi-billion plan to deploy broadband Internet connectivity to the world below. And, in feedback to the URCA spectrum plan consultation, it confirmed that The Bahamas is among the countries it is targeting for the provision of services. This will bring it into direct competition with Starlink, the rival satellite Internet provider owned by Elon Musk. However, increased competition promises better
BROADCAST - See Page B6
‘Absoutely no update’ on Freeport’s Bazaar BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A SHAREHOLDER in Freeport’s International Bazaar yesterday said there has been “absolutely no update” on its proposed acquisition by the Government despite expectations the deal would be completed before the May 12 general election. Darrin Woods, the Bahamas Hotel Catering and
DARRIN WOODS Allied Workers Union’s (BHCAWU) president, told Tribune Business that uncertainty continues to surround the International Bazaar’s purchase for the site to be transformed into the Government’s longtouted Afro-Caribbean Marketplace.
PURCHASE - See Page B4
Morton Salt buyer to ‘draw clear line’ with $125m outlay Lusca Group: Purchase to close June 1 after tax dispute resolved Targets production doubling in 2 years, rebrand, packaging facility Also pledges solar energy plant, improvements to Inagua’s airport By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
upon them besides creating major liquidity and cash flow problems for the private sector itself. “We expect to find a fiscal minefield, we expect to find a fiscal mess,” the Opposition’s chairman said in response
MORTON Salt’s purchaser yesterday pledged a $125m investment in its Inagua plant and the wider island as it unveiled plans for a rebranding once the acquisition closes on June 1, 2026. Lusca Group, and its Grand Bahama Salt Company, confirmed that all regulatory approvals for the facility’s purchase from Morton Salt have been received from the Government following resolution of the dispute over how much VAT was payable on the Inagua real estate that is being sold as part of the deal. The two entities, which are linked to the Liwathon Group, which has acquired and restarted operations at Grand Bahama’s former South Riding Point oil storage terminal, said the Inagua operation will be rebranded as Lusca Salt Bahamas with its salt products carrying the ‘Bahamas Salt’ brand. And, noting the “significant headwinds” that have “constrained salt production” in recent years, such as the heavy rainfall from hurricanes Oscar
FINANCES - See Page B5
PRODUCE - See Page B4
Opposition fearing ‘fiscal minefield’ on election win BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
MORTON SALT PLANT
DR DUANE SANDS