Published On: Thu, Jul 19th, 2018

Statement from Massy United Insurance Ltd.

Massy United Insurance logoBARBADOS — Massy United Insurance (MUI) is pleased to announce that to date, the company has settled 95% of claims arising from the catastrophic effects of Hurricanes Irma and Maria in 2017, which affected nine countries in which we operate – namely Antigua & Barbuda, Anguilla, Bahamas, British Virgin Islands, Dominica, Montserrat, St. Maarten, St. Kitts & Nevis, Turks & Caicos.

Over 1,200 claims, estimated at USD$262 million were received from policyholders in these territories. For St. Maarten, 48 claims were received in the amount of USD$72 million, with 90% settled.

While the 2017 hurricane season impacted the company’s profits for that financial year, MUI continued to maintain its A.M. Best rating of A- (Excellent) for the 13th consecutive year.

A.M. Best, one of the world’s premier insurance rating agencies, re-affirmed the financial strength and stability of the company in June 2018. The rating, with a stable outlook is indicative of the regional insurance company’s consistently strong balance sheet as well as its “appropriate enterprise risk management”, according to A.M. Best Rating Services Inc. This demonstrates that MUI can support our regional clients before, during and after a disaster. For more than 40 years Massy United Insurance has settled claims in response to hurricanes and other disasters and we are here to keep doing so.

As a responsible enterprise, it is our fiduciary duty to continue to review the efficiencies of the company’s operations on an on-going basis. The company is in the process of restructuring its operations to ensure that its business model aligns to its growth strategy for the period 2018 – 2020. The company has not initiated any lay-offs at any of its operations across the region.

In Barbados and Trinidad, reductions in headcount resulted from the departure of some temporary employees whose contracts recently came to an end as well as some employees who elected to leave the organisation. This represents only 5% of the total staff complement of the company and will not materially impact the operations of the company.

About Massy United Insurance
Massy United Insurance Ltd. is one of the leading general insurance companies in the region, with a branch and agency network throughout 18 territories across the English- and Dutch-speaking Caribbean. With a total asset base of USD$220M and Gross Written Premium of USD$117M, we have strong support with a portfolio that is protected by some of the most reputable reinsurers in the world. These relationships with top quality reinsurers have helped us grow strategically and respond quickly to the settling of claims after catastrophes.
Massy United Insurance is a member of the Massy Group, one of the largest and most successful conglomerates in the Caribbean with over 60 subsidiary companies. The company is preparing to expand its operations to the island of Jamaica in the latter half of 2018.