1. The Insurance Industry has grown exponentially in the past few years but the penetration is still low. Please give us your output of the insurance space in Antigua and in the Caribbean and how can it be improved?
Antigua similar to most small Caribbean islands and has been focused on developing their main natural resource (Sun, Sand, Sea and warm hospitality) to provide the direct spin off economic development that is critically needed within these small economies. That is the development of its tourism product. This has led to major investment in Hotels, Air B&B type accommodations and other tourism based recreational facilities. A simple example of this the current Port expansion and total waterfront rehabilitation project taking place in Antigua. The result of these investments of course is the growth of Premiums for a number of regional insurance companies across the region. With the domestic development but also what appears to be a more regional issue of Global Warming, the Insurance industry will have to adapt and respond to what appears to be increased Storm activity through frequency and severity.
2. The company was formed in 1989 from an amalgamation of insurance agencies in Anguilla, St. Kitts, Montserrat, St Lucia, Barbados, St Vincent, Grenada and Antigua. What has been the key to the company’s longevity and success?
The key to our success has been strong leadership and foresight as to the type of company we wanted to become. An insurance company that our clients can feel secure and trust will be there for them when and if a loss occurs, be it a major storm or a simple accident. We pride ourselves on our claims payment reputation throughout the region and have ensured we are supported by robust reinsurance treaties which guarantee we can always meet our obligations.
3. Caribbean Alliance Insurance Company Limited is the largest general insurance company in Antigua and the only regional insurance company covering the Eastern Caribbean with its Head Office based in St John’s, Antigua. As the Managing Director of Caribbean Alliance, what are your main priorities and objectives for 2020?
My main priorities are the policy holders we protect and the need to make sure we are here when called upon. Our main objective is to be able to service the customer base when impacted by catastrophic losses in the form of Hurricanes as more commonly seen, Earthquakes less common and volcanic eruptions as seen in Monserrat in 1995 and the following years.
It is our priority to ensure all policy holders have the benefit of the coverage they purchase and that we are here tomorrow to facilitate the long term consistent approach we provide. Excluding Hurricane Dorian where we had minimal claims, our most recent storms were in Hurricanes Irma and Maria in 2017 which were the most devastating ever seen in the Eastern Caribbean. Caribbean Alliance ensured they were able to meet all of its obligations in a timely manner and has benefited from its performance with increased brand reputation.
4. You currently have representatives in 15 territories across the Caribbean. What is your international strategy? Are you looking for further potential partnerships?
We are not currently focused on expanding into any new territories but instead our focus is on consolidating our existing footprint and enhancing the service in the territories where we currently operate. Our industry is a highly competitive one and customer service will be one of the defining pillars of the industry. This is not to say if new opportunities presented themselves that we would not explore them.
5. You offer a wide variety of personal and business insurance products as well as a comprehensive reinsurance program developed to mitigate exposure to natural catastrophes. What has been the most successful part of the business? How are you expanding your service offering?
The most successful part of the business is the strong balance sheet and the Reinsurance Programme we purchase which protects us against all unforeseen scenarios that we try and plan for. We purchase our reinsurance from the major Reinsurers across the world but particularly in Europe, Bermuda and the US. This allows us to provide Insurance products that we feel will respond correctly to our customers and this in turn allows us to provide consistency to the Insurance markets where we operate within.
6. A. M. Best Company, the Independent Rating Agency based in the United States, has rated Caribbean Alliance Insurance Co. Ltd., as A (Excellent) Stable. You are the only General Insurance Company in the Eastern Caribbean to have achieved this rating. How were you able to attain this rating and what are its benefits for the company.
AM Best is a US Based credit rating agency which focuses on the Insurance Industry. It has not been an easy process but through hard work we have achieved the highest rating in the Eastern Caribbean and this is driven primarily through our aim to maintain a strong balance sheet as well as a strong operating performance. We continue to grow as the customer base sees the need to be more selective of whom they purchase their insurances from and following our performance in 2017 with two major events, we have seen the benefit of being able to substantiate this rating.
7. There is strong competition in Antigua. What is the added value of Caribbean Alliance compared to its competitors such as ABI Insurance, Anjo Insurance, Brysons Shipping and Insurance and Sagicor Life?
CAIC prides itself on our AM Best rating which is very important and significant to us and is a testament to the company we have become. It is a demonstration of our financial strength and stability. It is our flag that immediately sets us apart from other insurance companies within the market. Added to this is our capacity and experience to provide the best insurance solutions for all needs, be it from the simple and small requirements or to large scale and complicated projects.
8. Corporate Social Responsibility is a good way to give back to local communities and to employees. What is the contribution of the company in terms of CSR?
We take pride in ensuring that our corporate social responsibility remains at the forefront of our outreach program across the region. We have a long history of proving support for the continued development of Culture, Education and Sports across our network. We have contributed to the development of sports through local and school teams and leagues, on regional competition and franchises. In Educational support to students, in outreach programs, in the portrayal and expressions of cultural pageants and programs.
9. What is your final message for Miami Herald readers who consider Antigua & Barbuda as a potential investment destination? Why is Caribbean Alliance the best insurance company for foreign investors?
Antigua and Barbuda is a key destination in the Caribbean and has always been a location for investors as well as a prime vacation getaway. The environment is one where the Government of the day is always open to discussions with investors and exploring new opportunities for the benefit of its citizens. Antigua prides itself as being a hub of the region and sees the continued development as a must in taking its position as a true leading economy in the Caribbean not withstanding its size. It is after all the home of the only A. M. Best Company A (Excellent) Stable insurance company in the Eastern Caribbean amongst other entities like the West Indies Cricket Board etc.
We are the “go to” Insurance Company for investors coming into the territory and an ideal option for them to obtain all their insurance needs. With the right range of insurance products, the staff to provide professional yet friendly service, a robust reinsurance program to provide that additional peace of mind that you’re being protected by a company that has stood the test of time.