THE PRICE at which the Dyoll Group will buy back 16.1 million shares it sold to the Financial Sector Adjustment Company (FINSAC) as part of a bail out plan about six years ago, is being determined by a valuation, according to the Group's chief financial officer, Catherine Parke-Thwaites.
The Dyoll Group has submitted a proposal on behalf of the company's 3,200 shareholders to buy back the ordinary shares, a deal that is expected to be completed on or before June 1, Mrs. Parke-Thwaites said.
She said the resale price would have to be determined by FINSAC and "we still have a little way to go with that," but "we are going through the process now."
Mrs. Parke-Thwaites could not say if FINSAC's value of the shares would bear any relationship with the price at which it is now trading on the Jamaica Stock Exchange (JSE). The 16,144,000 shares were valued at $135 million in 1998. Yesterday, the share traded at $7 on the JSE.
Dyoll had sold the shares to FINSAC as part of an agreement to rescue its subsidiaries, Dyoll Life and Buck Securities, during the financial meltdown in the 1990s. However, the Group eventually lost the two firms.
And in a release, Dyoll said that as part of its plans going forward, its general insurance company has recruited a team of personal insurers to assist in improving its customer service.
The corps of specially trained mobile insurers has been charged with solving problems and developing individual relations with clients of Dyoll Insurance Company, offering VIP services at no extra cost.
"Under the newly implemented initiative, clients are guaranteed tailor-made insurance packages and an attendant service-oriented approach," the release said. "Whether it is the individual insured or companies, our team of professionals will be available to our clients to address any needs or concerns. And we will go to them, if they cannot come to us," said Stephen Thwaites, chief executive officer of Dyoll Insurance.
The release said members of the company's Business Development Unit will travel to rural parishes as well as throughout the Corporate Area and a special effort will be made to reach those persons living in deep rural communities who need insurance.
"There are many persons residing outside of Kingston and St. Andrew, Montego Bay and other urban centres who want to be covered, but they have to travel to Kingston. We want that to be a thing of the past," Mr. Thwaites said.
The move represents just one of a series of strategic initiatives that Dyoll will be using to ensure that the insurance needs of all Jamaicans are met. Last year, the company opened two customer care centres in Mandeville and Montego Bay to better service its rural clients, and will be opening at least one other later this year. The company also introduced a new automobile policy, Dyoll Blue, which offered coverage for vehicles valued at under $500,000.
Dyoll said it was now poised for accelerated growth, having recovered from the problems encountered when it decided to sell the block of shares to FINSAC. It said the shares to be bought back from FINSAC would be offered to existing shareholders.
Dyoll said it recognises the need for more personal attention as the global insurance industry becomes more attuned to the need to satisfy unique individual demands.
According to Lynford Reece, senior marketing officer, the insurance house is aiming to entice clients with a new suite of friendly and efficient services, while maintaining its tradition of honouring claims in as short a time as possible. The prolonged length of time required for the processing of some insurance claims has been an area of concern for many Jamaicans, he said. "We have developed a reputation for honouring claims promptly and our personal insurers will continue to ensure that all claims are investigated and honoured even more promptly," Mr. Reece said.
