( L - R ) LEE CHIN AND BLYTHE
MICHAEL LEE CHIN, chairman and chief executive officer of AIC Limited, says his confidence in Jamaica has been tangibly shown by the recent acquisition of majority stakes in the United General Insurance Company Limited (UGIC) and CVM Television Limited.
United General and CVM are the two largest entities in the UGI group of companies, headed by Neville Blythe. A statement from AIC issued through its head office in Burlington, Ontario yesterday said the company plans to upgrade UGIC's operational and sales distribution infrastructure, with Mr. Blythe and his team, to improve service delivery to clients islandwide.
"Policyholders should certainly not expect any adverse change in their relationship with UGIC. With a stronger capital base arising from the AIC investment, the company can now focus on improving efficiencies and seeking ways to better meet the general insurance needs that exist in the marketplace," Mr. Blythe stated. "Our employees can also rest assured that with superior systems and increased resources in place, their productivity will improve."
PREMIUM INCOME GROWTH
United General is the largest general insurance company in Jamaica with over 80,000 policyholders and has been the leader in annual premium income growth since 1993. Insurance coverage provided by UGIC includes fire, household, motor vehicles, liability and consequential loss with the company now collecting over $3 billion in premiums each year.
CVM has over one million viewers daily and is widely known for its strong local programmes, news, sports and entertainment content. The AIC statement said strategic plans for CVM Television are still at a preliminary stage.
"We will be focusing on building two pre-eminent companies, in their respective sectors," said Mr. Lee-Chin. "We are excited at the prospects that are available to ensure these entities become more entrepreneurial, competitive and hardworking than ever before."
Following on AIC's investment in NCB Jamaica Limited five years ago, Mr. Lee-Chin has pledged to reinvest AIC's profits from NCB back into Jamaica. AIC is the largest privately-held mutual fund company in Canada.
