Left: Michael Lee Chin Right: Gordon-Martin (above), tipped to head the UGI Insurance, which was bailed out financially by Lee Chin (left). - File
Michael Lee Chin has named Andrea Gordon-Martin, the firm's former managing director, as president of the United General Insurance (UGI), effectively giving the long-time employee the CEO's job at the company he acquired from Neville Blythe in April.
Lee Chin, the Jamaican Canadian billionaire, who also owns National Commercial Bank (NCB), is chairman of the company.
UGI is Jamaica's largest general insurance, with a huge portfolio of motor vehicle and property insurance, with gross premium income estimated at $3.5 billion and net premium earnings of about $1.5 billion.
Financial losses
But Blythe, who formed the company in the mid 1980s by stitching together small acquisitions, was forced to seek out a white knight when UGI breached regulatory financial ratios after losses believed to be in the $500 million for 2004 and 2005.
He turned to Lee Chin who pumped approximately $740 million in UGI and got 80 per cent of the company plus 51 per cent of the Blythe-controlled media company, CVM Group.
Development strategies
Lee Chin has not yet publicly declared a strategic direction for UGI, or say how he expects to develop the synergy between the insurer, its related entities and his other Jamaican banking and financial holdings. But insiders say that Gordon-Martin, who was effectively Blythe's number two at the company, has been given the mandate for the day-to-day operation of UGI.
"We are in transition," a highly placed inside source told Wednesday Business.
Gordon-Martin has worked at UGI for more than a decade, holding several senior management positions, including general manager and technical services manager.
