Rudolph Brown/Chief Photographer
R. Danny Williams (left) speaks at a press conference hosted by Life of Jamaica to outline plans to rebrand the company as Sagicor Life Jamaica Limited, at the LOJ Building in New Kingston, Friday. Beside him (from left) are Dodridge Miller, president of Sagicor and chairman of LOJ, and LOJ president, Richard Byles.

Sabrina N. Gordon, Business Writer

Life of Jamaica on Friday promised a swift roll-out of a marketing programme to be structured around its plans to adopt the name of parent Sagicor, amid an endorsement of the plan by founder R. Danvers Williams.

Williams said Friday that it was a natural evolution.

"The change is in line with what is happening in the world, and the financial institutions in Jamaica need to be a part of that changing global financial arena," he said, at a press conference to announce details of the campaign.

Williams spoke against the backdrop of the blue and green colours of Sagicor, which LOJ is soon to adopt.

Stock loses footings

The insurance stock dropped 28 cents to $7.82 at the close of trading Friday.

Williams, more than a decade and a half ago, gave up control of the company he founded in 1970, when, like other financial institutions, it faltered in the 1990s' meltdown and was taken over by Government's rescue agency, Finsac.

In late 2001, a consortium consisting of Barbados Mutual Life Assurance Society and Life of Barbados (LoB), bought Finsac's 76 per cent shareholding in LOJ for US$41.2 million, then the equivalent of J$1.95 billion.

Barbados Mutual eventually acquired LOB, demutualised and was rebranded in late 2002 as Sagicor - a company that has now gone international, with operations spread across several states in the US and countries of the region.

Williams remains a director of LOJ and a shreholder with 12.33 million shares through his company Ravers Limited.

Dodrige Miller, president and CEO of Sagicor and chairman of LOJ, or as it is soon to be called, Sagicor Life Jamaica Limited, on Friday refused to disclose what it would cost to rebrand Jamaica's largest insurance company, saying only that it would be "significant".

But it will take millions of dollars other sources have said, not least of which will be the removal of the LOJ logo that forms part of the design on the outside of the insurance company's corporate headquarters in Kingston.

LOJ's most immediate job is sensitising clients and shareholders to the change.

Clients

"We will now move to engage clients, informing them of the benefits and implications of the rebranding," said Karl Williams, assistant vice-president responsible for corporate marketing, at a press conference Friday.

"By the start of next week, we will be sending out clients notifications of what this rebranding means."

Life of Jamaica is a publicly listed company, as is Sagicor Financial Corporation. LOJ is listed in Jamaica; Sagicor in Barbados and Trinidad and London.

Miller said, in response to queries, that the move to more closely align the subsidiary to the parent would not see LOJ being listed in other regional markets.

Investors in those equity markets, he said, can buy a piece of LOJ by buying into Sagicor.

The rebranding campaign will end with a formal launch of the company, signalling the commencement of operation as Sagicor Life Jamaica.

Timeline

A definite timetable was not given for culmination of the exercise but it is not expected to go beyond June.

The process requires application to the Companies Office of Jamaica for registration of the new name, a relisting on the Jamaica Stock Exchange under the new name, advisories to clients and shareholders, the throwing out of stationery and everything embossed with LOJ's blue and orange logo, and redesigning art work and billboards.

LOJ president Richard Byles said a major benefit of the rebranding was the leverage it offered, as part of a wider pool of products and services.

"Instead of customers dealing with a great company, they will now be dealing with a great international company," said Byles.

"And that counts for a lot in the international financial market."

He stressed that the rebranding would not change the management or ownership structure of the company.

Sagicor operates in 22 territories across the world, and has assets of US$3.4 billion.

It owns 60 per cent of LOJ, which currently has over 250 policyholders.

"Jamaica's operation is an important part of the Sagicor group and is to be used as a vehicle for further expansion," said Miller.

sabrina.gordon@gleanerjm.com