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Outgoing Group CEO Jeffrey Mack: I’m leaving GHL in a better position
There would be an increase in insurance companies folding when the Insurance Bill, 2013 comes into effectsays Jeffrey Mack, outgoing group chief executive officer of Guardian Holdings Ltd (GHL).
He said this means companies like GHL would be strategically positioned in the market to “take up the slack” by absorbing those companies’ clients.
“I think what this new insurance Act is going to do is lead to additional consolidation in this market place because companies are going to have to be better capitalised. They are going to have to spend more money on risk management, more money on compliance and things we already do already.
We think this will lead to consolidation and GHL is going to be well positioned to take advantage.
“I think (the Act) can be compared to any of the first world regulatory standards around. Obviously, some are still more robust. For the companies we have, I think it’s going to be a very good piece of legislation.”
Mackm who has 33 years’ experience in the industry, was speaking in an interview on Monday at GHL’s head office, Guardian Drive, Westmoorings.
Commenting further on the Bill, Mack supported the requirement in the Bill for insurance companies to have more capital in hand as this means the public would have more confidence in insurance companies.
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