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Wednesday September 08, 2010

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British Caribbean Insurance Company Limited (BCIC)

British Caribbean Insurance Company Limited (BCIC) is one of Jamaica's leading general insurance companies, offering a comprehensive range of non-life insurance products for individuals and businesses.

The Company started operations in 1963, and Industrial Finance Holdings Limited acquired the 100% controlling interest in 1988 with the purchase of the 62% shareholdings formerly held by the British firm, Eagle Star Insurance Company. The ICD Group of Companies now owns the Company 100%.

BCIC's name is highly respected in the general insurance industry. In 1985, the Company charted a revolutionary path in general insurance when it introduced the Plain English Homeowners "Cover All" Policy, which was an immediate success. The constant upgrading of this policy which is easy to understand and competitive both in cover and cost, has enabled the Company to remain as a market leader in residential policies. The name is also well known particularly in the building and construction sector because of the Company's experience in underwriting Contractors All Risk cover.

At December 2005, the Jamaica Association of General Insurance Companies (JAGIC) estimates showed a total Gross Written Premium of $17.1 billion of which BCIC wrote $1.3 billion, ranking the Company seventh on the league table.

With an impressive equity base in local terms and first-class reinsurance arrangements, BCIC offers exceptionally good financial security to its Clients. The Company's Capital and Free Reserves stood at approximately JA$1.2 billion at December 2005. Reinsurers on all our Treaties are rated at a minimum of BBB+ on the Standard & Poor's Scale of internationally approved reinsurance security.

BCIC's Clients also benefit from the high level of professionalism of the experienced management team and competent staff, who have helped the Company to maintain its competitive edge. State-of-the-art management and financial reporting systems enhance the Company's commitment to the delivery of superior customer service.

BCIC is at the forefront of technological developments in the local general insurance industry. It launched its Direct Sales System (DSS) in March 1998, providing current and potential customers a convenient channel to conduct business by visiting our website. In keeping with the company's goal of becoming a more customer centric organization BCIC implemented a new computer system, the Underwriter, in March 2006.

The Company prides itself in being customer focused. Accordingly, in January 2002, it launched its revolutionary Motor Accident Scene Response Service "ASSIST" for all private cars insured with the Company if involved in an accident, at any time, islandwide. BCIC is the first Insurance Company to offer such a service which is available at no extra cost. In March 2004, to further facilitate the needs of Policyholders, the Company opened the BCIC ASSIST Care Centre a "one stop" centre primarily designed to provide motor insurance claims service from the time of the accident to the settlement of the client's accidental damage claim. BCIC went further with its motor offering by extending its motor insurance MAX products by introducing the LadyMax in February 2007. The LadyMax is a security-focused Comprehensive motor insurance policy for vehicles of minimum sum insured of $2m owned by female drivers. This innovative product provides the additional benefits of a Vehicle Tracker for anti-theft security, recovery and retrieval; islandwide emergency breakdown service; Personal Accident cover for an amount of $250,000 and substantially increased Third Party Limits of Liability.

BCIC's Head Office is located at 36 Duke Street, Downtown Kingston, it also operates a branch in Montego Bay to service the western region of the island and a sub-branch in Ocho Rios along with six mini branches island wide. The Company enjoys an excellent relationship with Broker/Agent representatives islandwide, who are responsible for approximately 81% of its business. Special programmes are in place to keep these representatives abreast of product developments, company issues and to share mutually beneficial information.

A strong advertising programme, engineered to keep the BCIC name and its product offerings at the forefront when prospective Clients contemplate choosing an Insurer, supports the Company's marketing strategy.

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