Hansard targets Latin America and beyond via new Bahamas license

Isle of Man-based Hansard Global is pushing for further penetration into the Latin American market and beyond utilising its new license in the Bahamas to spearhead growth.

The London Stock Exchange listed company has reported a 36.5% growth in Latin America as a result of “enhanced” relationships with brokers in the region. The company expects even further capitalise the growth in this market with the Bahamas license.

“Middle East and Africa are now generating improved sales levels and we plan to use our recently announced license in the Bahamas to support our rapidly growing Latin American and remaining global expatriate business,” Gordon Marr, pictured left, group chief executive, said in a statement.

Hansard Worldwide Limited (HWL) was granted an external insurance licence by the Insurance Commission of The Bahamas (ICB) in May, as reported by International Investment.

The newly-licenced company will also be responsible for the firm’s remaining global expatriate business.

The specialist long-term savings provider registered significant growth in the Middle East and Africa (£40.6m) and Latin America (£18.9m), offset by lower sales in the Far East (£35.4m).

“While the changing landscape has resulted in fluctuations in business levels over the past couple of years, we remain confident that we can capitalise on opportunities to successfully grow the business in the near and medium term,” the report said. (continues…)

Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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