A BRIEF HISTORY OF
GLOBE INSURANCE COMPANY OF JAMAICA LIMITED

Globe Insurance Company of Jamaica Limited had its genesis during meeting in early 1852 between a representative of Liverpool and London and Globe Insurance Company, and a gentleman from Jamaica who was engaged in the mercantile business. 

At the end of the First World War, Globe's parent company merged with the Royal Insurance Company creating the largest composite insurance company in the world.  After 100 years of continuous representation in Jamaica, the Royal Insurance Group, as it had become known, was supported by six agencies in Jamaica and, by 1960, a feasibility study had been conducted on the establishment of a local company.
The major connections at that time were Lascelles de Mercado & Co., Milholland Ashenheim & Stone and Bryden & Evelyn.  After a long and close relationship Bryden & Evelyn ended their affiliation with the Royal.  In 1965 Globe Insurance Company of the West Indies was founded, its shareholders being the Royal Group, Lascelles, de Mercado & Co. and Milholland Ashenheim & Stone.

As the years progressed, the company continued to grow in income and profitability, despite general economic decline, and when the Government called for localisation of insurance companies, the Directors were in full agreement.  Two British companies, Prudential Assurance Company and Guardian Royal Exchange Assurance Group, were not prepared to localise and negotiations were entered into to acquire their portfolios.  Both these companies had enjoyed excellent reputations in the marketplace and had combined premium income equal to that of Globe.  The mergers were completed in 1979, by which time Globe had become the first company to become "Jamaicanised" under Ministry Paper 49.

After Hurricane Gilbert, the continued deterioration in the economic conditions, motivated Royal to close its operations in Jamaica.  Lascelles, de Mercado & Co., who had been involved with the local company from the early days, acquired their shareholding and those of the remaining shareholders, resulting in Globe becoming a wholly owned subsidiary of the Lascelles Group in 1990.

The fact that the Lascelles Group has been associated with Globe for over 100 years is a testament to their commitment to the growth and development of the company.  In 1990 they instituted a policy of no dividend payments, allowing all profits to be retained by the company in order to decrease its dependency on the reinsurance market.

With the advent of the new Insurance Act in 2001, the group decided that it was no longer financially prudent to continue to operate both insurance entities, and opted not to submit G.W.I for registration in March 2002. Globe amalgamated all the services offered by G.W.I. under their corporate umbrella.

In 2003, the group acquired the shares of Jamaica General Insurance Company Ltd, a well established company that had been doing business in Jamaica for over 35 years. Both companies merged under the new corporate name of Globe Insurance Company of Jamaica Ltd.

Unlike Globe, who had concentrated on commercial property and liability business, Jamaica General had a significant personal lines portfolio, and the merger resulted in a larger and stronger company far better able to meet the needs of a wide cross section of clients. The head office at 19 Dominica Drive was substantially renovated and enlarged, in order to house increased staff, and new customer focused computer systems installed to increase the efficiency of service delivery.

Over the years, the financial results of the company are evidence of the success of the strategies implemented by the Lascelles Group. Globe has consistently produced some of the best underwriting results in the market. It continues to grow, and is proud of its position in Jamaica, and the service and financial security it provides to brokers, agents and the man in the street