LEE CHINThe following is a press release issued by AIC as its official comments on its investments in United General Insurance Company and CVM Television.
"AIC's confidence in Jamaica is, we believe, tangibly demonstrated by our investment decisions, the most recent being our acquisitions of majority stakes in the United General Insurance Company Limited (UGIC) and CVM Television Limited," asserts Michael Lee Chin, Chairman and CEO of AIC Limited, the largest privately-held mutual fund company in Canada. UGIC and CVM are the two largest entities in the group of companies, headed by Neville Blythe. Mr. Blythe has gained a solid reputation as an experienced Jamaican entrepreneur whose business acumen has allowed him to build these two strong brands.
UGIC is the largest general insurance company in Jamaica with over 80,000 policyholders and has been the leaders in annual premium income growth since 1993. The company now collects 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.
AIC plans to upgrade the general insurance company's operational and sales distribution infrastructure, as well as work with Mr. Blythe and his team to improve service delivery to clients island-wide.
Insurance coverage provided by UGIC includes fire, household, motor vehicles, liability and consequential loss.
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. We are excited at the prospects that are available to ensure these entities become more entrepreneurial, competitive and hard-working than ever before," contends Mr. Lee-Chin.
"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," notes Mr. Blythe. "Our employees can also rest assured that with superior systems and increased resources in place, their productivity will improve."
Following on AIC's investment in NCB Jamaica Limited five years ago, Mr. Lee-Chin has consistently and publicly championed the cause for Jamaica's investment potential, first by re-investing AIC's profits from NCB back into Jamaica.
The UGIC and CVM deals demonstrate the confidence in the ability of businesses to prosper in Jamaica.
