WynterDennise Williams, Staff Reporter
THE FINANCIAL Services Commission (FSC) has once again slapped the wrist of an errant insurance company.
A notice placed in the press indicates that: "The public is advised that Island Heritage Insurance Company is not
registered to carry on insurance business and to sell products in Jamaica, because it is not
registered under the supervision of the FSC."
ADS PLACED
It appears that Island Heritage had placed a number of
advertisements in the local media, which was considered premature by the FSC. Although refusing to deny or confirm if Island Heritage has placed an application with the FSC,
executive director of the FSC, Brian Wynter, told Wednesday Business earlier this week: "We wanted to make sure that the public understands that Island Heritage is not yet registered to do business in Jamaica. Don't read anything more into the advertisement. We are not expecting that there is going to be a problem with Island Heritage, as this is not an unknown company to me. It is not an unsubstantial company." Indeed, Island Heritage was formed in 1996 and is domiciled in Grand Cayman.
According to company literature, 'Island Heritage is the first
company in the Caribbean to exclusively target the property insurance market. We insure
private homes, condominiums and office buildings from our headquarters in Grand Cayman and via our licensed agents in the U.S. Virgin Islands, the British Virgin Islands, the Turks & Caicos Islands, Curacao, Dominica, Barbados, Anguilla, the Bahamas, Dominica and the Netherlands Antilles.
BUSINESS PARTNERS
'Island Heritage achieves a
significant spread of risk by insuring properties in several islands. This spread provides a stabilising impact on the pricing and coverage available'. The company's business partners are Fidelity Insurance (Cayman) Limited, Bank of Butterfield, The Windward Islands Bank
Ltd. and the Cayman Islands Chamber of Commerce.
Island Heritage has US$44 million in total assets, shareholders' equity of US$26 million and total liabilities of US$18 million.
Mr. Wynter also asserts that the action taken by the FSC is more of an early public warning and not one based on negative actions by Island Heritage. In fact, Mr. Wynter suggests, "You may find yourself doing business with them one day."
Efforts to contact executives
at Island Heritage were unsuccessful. Interestingly, several
insurance executives, when
questioned by Wednesday Business, had not heard of Island Heritage, but were well aware of the FSC's actions.
