BLYTHE
NEVILLE BLYTHE, chief executive officer of the UGI Group, to which United General Insurance Company belongs, has confirmed recent press reports that negotiations between the insurance giant and an entity with significant holdings in the Caribbean have been taking place for new capital injection as part of a strategic plan for the company.
The UGI Group will maintain an interest in the insurance company, although further details of the planned capitalisation cannot be revealed at this time based on the sensitive nature of the negotiations, he said.
The impending involvement of new investors and a change in the shareholding structure of Jamaica's largest general insurer is part of a move to strengthen the company and a precursor for its expansion into the wider Caribbean general insurance market, UGI Group officials stated yesterday.
TOURISM AND ENTERTAINMENT
The recent acquisition of Morgan's Harbour Hotel and Marina has infused Mr. Blythe's dream of a greater role in tourism and entertainment. Mr. Blythe's vision for the property on the history-rich Palisadoes strip includes its conversion into a major gaming centre and expanding the number of hotel rooms from the present 60.
In addition, the hotel is set to be the venue of the Port Royal Music Festival, conceptualised and developed by Mr. Blythe and his associates. The Festival will debut this summer.
The Group also has significant interests in real estate, with the company United Realtors, established over a decade ago and there are plans to venture further into this sector by way of property development.
