By Al Edwards, Financial Editor 
THWAITES ... company suffered significantly from 'Ivan'.
LOCAL INSURER Dyoll, hit by substantial claims as a result of Hurricane Ivan is very close to brokering a deal with both AIC and GraceKennedy that will go some way to alleviate its current predicament.
Dyoll Group now acknowledges that it suffered significant hurricane claims in the Cayman Islands as a result of 'Ivan'.
These projected claims may well impair the capital of Dyoll Insurance Company, a whollly-owned subsidiary of the group. Sources place the claims as high as $1billion.
MEMORANDUM OF
UNDERSTANDING
On Friday, Dyoll put out a release that read: "Grace Kennedy, & Company [GraceKennedy], AIC Group and Dyoll Group are currently in discussions with respect to an alliance that would create a
larger, stronger provider of insurance services in the Caribbean. This alliance would include Jamaica International Insurance Company Limited and Dyoll Insurance Company Limited, and is subject to further due diligence by Grace, Kennedy & Company and AIC, as well as approval by their respective boards and regulatory bodies. The parties involved are working towards a memorandum of understanding which could be signed as early as next week."
A source close to the negotiations speaking with Sunday Business said: "Dyoll looks
likely to come through and you can expect a positive announcement by the end of next week. I can tell you we have a deal that will resolve matters and there is great confidence in the outcome. It is very much a case of conducting due diligence and concluding negotiations on value. Things are looking up.
SUSPENSION
Last week, the chairman of the Jamaica Stock Exchange (JSE), Roy Johnson suspended trading in shares of Dyoll Group Ltd.
A statement by the JSE read: "The JSE has required that the company make a public announcement in response to rumours that Dyoll Group has experienced material financial loses. This information has not been reported to the JSE in
accordance with Appendix 8. The JSE advises that the suspension will remain in place until the
relevant information has been disclosed."
Under the leadership of
managing director Stephen Thwaites, Dyoll Group has fared well, honouring its obligation to
FINSAC and last year saw a 286 per cent increase in operating profit with revenues increasing year on year.
