What Do We Do?
Lockhart has two divisions – real estate, and insurance & financial services. The real estate division consists of a portfolio of seven operating properties – six on St. Thomas and one on St. Croix – and over 200 acres of undeveloped land on St. Thomas. The operating properties are strip shopping centers. While some of the company’s properties feature retailers that cater to tourists, most of the operating properties are vital drivers in the local economy and directly support the economic vitality of the Territory. The company also has significant investment outside of the US Virgin Islands, specifically a prominent residential tower being constructed in Brooklyn, New York.
The insurance division owns and operates two property and casualty insurance companies, one operating in the US Virgin Islands and Puerto Rico, and one operating in the British Virgin Islands and the Turks and Caicos Islands. The core business is to serve niche markets, capturing market share and limiting the effects of competition, utilizing significant reinsurance as financial protection in the event of catastrophe. In addition to the insurance companies, the division also owns several insurance agencies, which drive business to the owned-entities but also do business with other insurance companies.
The division also handles the financing of insurance premiums in the US Virgin Islands, the British Virgin Islands, and the Turks and Caicos Islands for residential and commercial customers. Residents and businesses of the USVI need the financial protection of consistent insurance coverage, and our companies therefore play a vital role providing that availability – an essential ingredient for the local economy.