After a three-week trial which gripped the attention of the media and attracted widespread attention among the Turks and Caicos islands population, Cortez Simmons, the son and employee of Carl Simm
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Sagicor T&T strong
Despite the Clico debacle and the slow growth of T&T’s economy after the global financial crisis, Sagicor General Insurance Inc (SGI) has positioned itself in the T&T insurance market, by achieving $230 million in gross premium income in its T&T branch, for the 12 months ending December 31, 2013. The company employs 85 permanent employees in its T&T operations.
Though fourth place as at December 2012 when it comes to gross premium income, SGI has maintained an AM Best Rating of A excellent since June 2002. The asset base of the entire company is $681 million and the company’s T&T operations accounts for about 50 per cent of that amount.
Dyan Loutan-Ali, vice-president, T&T operations, said compared to other companies in T&T’s insurance market, SGI has done very well, since it began operating here 10 years ago. She added that having a strong brand has contributed to the company’s high achievement.
“The T&T (insurance) industry is like a billion-dollar industry. In terms of Sagicor General out of Barbados, T&T was the appropriate place to launch because of the potential growth, the economy was doing well, construction was up and coming, and it was just the correct timing.”