Profile on American Home Assurance Company (AHAC)
In November 1969 American International Group (AIG) commenced general insurance operations in Jamaica using American International Underwriters (AIU) as agents for the Firemen's Insurance Company. By 1970 AIU (Jamaica) ceased to represent the Firemen's Insurance Company and, with a staff complement of six, commenced underwriting business as agents for American Home Assurance Company of New York. In 1974 the Agency applied for, and received its license to sell all lines of business with the exception of life. By 1989 the AIU (Jamaica) Agency was made defunct and American Home Assurance assumed full responsibility for underwriting its own business in Jamaica as a Branch office.
American Home Assurance Company, Jamaica branch is a subsidiary of AIG, a Fortune 500 company, internationally renowned for its significant presence in the commercial and industrial risk segments of the insurance market. AIG is a financially viable company with net income of US$15.4 billion, consolidated assets of US$979.41 billion and shareholder's equity of US$101.68 billion at the end of 2006.
From a fledgling company in the seventies, American Home Assurance Company has emerged as a force to be reckoned within the local market. The company's competitive strength is its pure underwriting skills, which has contributed, in no small way, to the company consistently being the most profitable in the market. In 2006 its premium income was over $1.5 billion. At one time or another, American Home has carried the most prestigious risks in the island and currently is the lead homeowners, accident & health and casualty underwriters in the market.
In the world of personal finance, the prudent customer knows that one of the first questions to be asked is: "how solid is my service provider?" When the service provider is American Home the customer can be assured that behind its quiet unassuming exterior stands a long respected company that is financially sound. It can proudly state, that to date, its payment of US$12.4M to Half Moon Hotel in March 1997, is the largest fire insurance claim settlement ever paid in Jamaica.
American Home Assurance Company has contributed to the growth and sophistication of the market place by the provision of innovative insurance coverage for various groups viz. retailers, hotels, condominiums and offices. Most noteworthy has been the introduction of financial lines policies such as "Bankers Blanket Bond" and "Professional Liabilities"(including Directors and Officers Liability) as well as package policies like HAPI, CAPP and CHA?
The company has benefited from its strong support of the local brokerage houses and as a result today, approximately 96% of its business comes through these intermediaries.
American Home is proud to have produced its own local Chief Executive Officers - David Hargreaves 1971-1982, Raymond Mair 1983-1998 and presently Earl Codling who commenced leading the company in 1998. The company looks forward to a future as bright as the past under his outstanding leadership.
The success of the company is largely due to small but competent and highly committed staff led by a dynamic and creative Management Team. The maintenance of the company's core values is seen as an integral part of the company's success. These values are: - Delivery of the highest quality customer service
- Profitability while practicing ethical business always
- Maintenance of a highly skilled and motivated workforce
25 Dominica Dr., Kingston 5, Tel: 926-2074
Email AHAC: Earl Codling; , earl.codling@aig.com
Visit AHAC website: www.aig.com |
