Monday, June 26, 2006

Nigel Twohey, Marketing Director, Conor O'Dea, Chairman of the board, Mark Burns Vice Chairman and Bryan Murphy, CEO of Island Heritage.

As the Cayman Islands finally begins to see property insurance rates decrease from the high of 2.5 percent to 2.25 percent, Island Heritage celebrated its ten-year anniversary last week.

It had a lot to celebrate, especially with Hurricane Ivan still fresh in the minds of residents and Island Heritage secure that it came out of that event with a solid reputation for paying claims and staying solvent with an A minus rating from AM Best.

That is a notable achievement considering how many insurance companies in the region struggled to stay afloat after year on year of numerous devastating hurricanes.

The CEO of Island Heritage, Bryan Murphy, said the Caribbean region is likely to have higher property insurance rates from the impact of a long series of losses.

"Hurricanes Katrina, Rita and Wilma had well over US$100 billion in damages to insurance and reinsurance companies," said Mr Murphy. "Hurricane Ivan was minor compared to what happened in the aftermath of Katrina.

"You can't expect the industry not to react to losses of this nature. Although they did not effect Cayman, it will impact the cost of insurance around the world."

He explained the US Virgin Islands and the Cayman Islands have the highest property insurance rate in the Caribbean. It is not realistic to expect the rates in Cayman to increase so it is likely that other islands will see higher rate increases.

He added that the company's steady growth and success over the past decade is a testament to its strength and diversity.

"Ten years is a milestone for us. We started out as a small company in Grand Cayman with ambitious plans for expansion throughout the region. Today those plans have paid off; we have agents and brokers in 15 countries. And even after Ivan many loyal and happy customers throughout the Caribbean," he added.

Faced with the challenge of dealing with Hurricane Ivan's aftermath, Island Heritage rose to the occasion. An international team of adjusters were on the ground helping customers within 36 hours of the all clear.

He stated that strength is the key to the company's success.

"We have an excellent spread of risk, substantial re-insurance from some of the biggest names in the business, plus sound financial backing. This all contributes to our strength. And at the end of the day it is strength that delivers," Mr Murphy added.

Over the next ten years, Island Heritage will continue to expand in the Eastern Caribbean.

"We are confident that we will enjoy another successful decade in Cayman and throughout the Caribbean,"Mr Murphy assured.

shurna@caymannetnews.com

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