Insurance
Your Insurance
B
usiness Grenada Magazine meets a
leader in the local Insurance Industry,
Mr. Ronald Hughes. and Tobago, bought a substantial stake in
the business. Consequently, it was re-named
Trans-Nemwil Insurance (Grenada) Ltd.”
“To Insure or not to Insure”, is not the
question. It is vitally important to In 2005, both Nemwil and Caribbean Home
Insurance Co. Ltd. were purchased by
Guardian Holdings Ltd. (GHL). The companies
were consolidated and the emerging entity was
PROTECT ONE’S ASSETS!
Shifting trends are the waters which Ronald
Hughes, Managing Director of Guardian
General Insurance (OECS) Ltd., has to
anticipate, prepare for and strategically
navigate. He shares with BG the evolution of
the company, his experience at the helm of the
business and how his
corporation maintains
one of the foremost
positions within the
Grenadian market.
Hughes began his career in Property
and Casualty Insurance in 1984, with
the Company then known as; Caribbean
Insurance Co. Ltd. Over the years of the
Company’s evolution a number of rebrands
took place, with the final rebrand, as
Guardian General Insurance (OECS) Ltd.,
occurring in 2015.
The business operated successfully
under that name; (Caribbean
Insurance Co.
Ltd.) for many
years, but due
to
another
company with a similar name,
a decision was taken to rebrand
the company to Trans-Caribbean
Insurance Co. Ltd. Sometime
during the early1990’s, there
was a further rebranding of
the organization when NEM
(West Indies) Insurance Ltd.
NEMWIL, domiciled in Trinidad
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Ronald Hughes-Managing Director/CEO Guardian General
www.businessgrenada.com
Insurance (OECS) LTD
“
is typically spared many of the devastating
hurricanes which have plagued the northern
Caribbean territories. This is particularly true
for the marine sector, because it is regarded as
a reasonably safe location for marine interests,
during the hurricane season. Hurricane Ivan
was an exception.
Grenada is considered as a reasonably
safe location for Marine Interests
during the hurricane season
Guardian General Insurance Ltd.
Hughes explains the transition - “We
retained our Trans-Nemwil brand as it was
a strong brand, particularly in the aftermath
of Hurricane Ivan, We were riding a crest of
goodwill during this period and to re-brand
then could have proved counterproductive.”
Whilst continuing to trade under the Trans-
Nemwil brand, operational procedures were
being aligned with the parent company and,
in 2015, a decision was taken to rebrand to
Guardian General Insurance (OECS) Ltd.
The inclusion of the Organization of
Eastern Caribbean States (OECS), in the
company name, is an important element. Its
significance, he claims, is based on the future
planned harmonized insurance legislation
for the sub-region, as the Grenada office is
destined to become the hub for The Guardian
Group’s Property & Casualty, as well as its
Life, Health and Pensions operations, in the
Eastern Caribbean.
Grenada’s location at 12 degrees North of
the Equator holds a favourable position in
the minds of insurance underwriters, as it
www.businessgrenada.com
www.businessgrenada.com
“
Meet Ronald Hughes ...
A Leader in the
Insurance Industry
Guardian
Hughes speaks of the Hurricane experience:
“Undoubtedly the losses arising from Hurricane
Ivan were the most significant challenge the
company has ever faced, to date. We had close
to thirteen hundred (1300) claims to address!
Ninety eight percent
(98%) of them were
settled by 31st of Dec, 2004 (Ivan hit on 7th
Sept. 2004) and the remaining two percent
(2%) were settled by March 2005. We certainly
benefited from this prompt response, as our
aggregate exposure and premium income
increased significantly.
Following this major loss our reinsurance costs
increased. The average property rate, prior to
Hurricane Ivan, was approximately EC$6.00
per $1,000 subsequently rates climbed to
$10.00 per $1,000 an almost 50% increase.”
Hughes recalls, “rates remained static for
some time however, pricing at that level, in this
environment, is not sustainable, particularly
with the large number of insurance companies
trading in Grenada. At the time, there were
approximately seventeen or eighteen Property
& Casualty Insurers, serving a population of
110K, with very low insurance penetration.”
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