After an announcement of the purchase of Motor & General Insurance Company Limited by dms Organization in October 2010, the company now called Saxon Motor & General Insurance Company Limited has begun its public relations campaign.
A statement from SaxonMG states: “As the only wholly Caymanian owned insurance company, the company wishes to assure local customers that SaxonMG will aays act in their best interest and every dollar spent on car insurance will be reinvested in the local economy. As part of its succession plan, SaxonMG is requiring all policyholders to sign a new agreement by Tuesday, 15 February to ensure continued coverage and urges policyholders to visit their office “at their earliest convenience.”
Clients’ annual premiums and renewal dates will remain unchanged, the company stated. It noted, however, that “It is imperative that the transfer to SaxonMG is effected in order to ensure continued motor insurance coverage. A signed copy of consent to SaxonMG assuming all of Motor & General’s rights and obligations in respect of to each client’s insurance policy is required by 4.30pm, 15 February, or they will be deemed to have chosen to cancel their insurance policy, with cancellation taking effect at 11.59pm on 28 February, 2011.”
Saxon CEO Brian Williams said, “We are pleased to officially merge our teams and look forward to working together to further strengthen the solid reputation of the company. There will be no changes to current staff or services provided to existing clients of the company.”
On 15 June, 2010, the Central Bank of Trinidad and Tobago, the insurance regulator in that country, issued an order directing Motor & General to suspend operations for 60 days. The order was also applicable in the Cayman Islands because Motor & General was not incorporated here, but instead operated as a branch office of the parent Trinidad and Tobago company.
The reason for the order made by the Central Bank in Trinidad and Tobago at the time was that the company’s returns for 2007 and 2008 were filed late and incorrectly.
Walkers Attorney Matthew Gouke, who represented the controllers of the Cayman branch, David Walker and Ian Stukoe of PricewaterhouseCoopers, announced some months ago that, “The Cayman Islands insurance business is a sound one and generating profit. I think the people in both jurisdictions recognise that the Cayman business is a solid one.”
This sentiment was repeated by dms Organisation’s managing director, Don Seymour, who said, “Historically, CIMA did a brilliant job of identifying and managing the risks of this operation. In fact, the organisation did such excellent work that the proceeds from the sale of the Cayman operation will be used to prop up the Trinidad operation that has severe financial difficulties.”
Branch Manager for the Cayman Islands business Beverly Banks said, “I had no doubt we would emerge strong and ready as ever. “