dms buys local insurer for premium, boss reveals

| 17/10/2010

(CNS): Cayman Islands-based business conglomerate dms Organization Ltd. (DMS) has confirmed that it has bought the country’s oldest insurance company, Motor and General Insurance (Cayman). dms said that a definitive agreement to acquire 100 percent of the troubled local firm, which will now operate under the name Saxon Motor and General Insurance. dms president Don Seymour revealed that there had been an intense bidding war for the firm and his company had to pay a substantial premium to win it, but he said the company was a strong performer that was well capitalised and with a track record of profitability.

The deal is expected to be completed during the fourth quarter of 2010 and is contingent on approval of the Cayman Islands Monetary Authority and the Central Bank of Trinidad and other closing conditions.

Motor and General ran into problems earlier this year when the Central Bank of Trinidad and Tobago (CBTT) suspended trading of the parent company, following protracted financial difficulties for the firm there, in June of this year. CIMA appointed PricewaterhouseCoopers as controllers of the local brach to protect local policy holders and the assets of the company’s Cayman Islands operation which was a proitable entity.

President of dms Don Seymour said the new firm will deliver low-cost auto insurance to all consumers. “We believe that irrespective of the value of your car, everyone is interested in saving money on their car insurance,” Seymour stated. “We plan to build a top tier insurance provider throughinnovation, a seasoned management team and leveraging the existing capabilities of dms Organization to maintain a low-cost operating structure.dms has a track record of innovation so we hope to use this discipline to dramatically transform the insurance landscape by creating new standards for consumer experiences that build a loyal consumer base.”
 
As the firm is not foreign owned he added that local consumers could be confident that Saxon MG will always act in their best interest.
 
“Every dollar spent on car insurance will be reinvested in our locally economy and not sent overseas,” Seymour promised. “This is an important consideration in our difficult economic situation, as everyone is being challenged to do whatever they can do to help grow Cayman’s economy, stimulate job creation and build a stronger community.”
 
Seymour stated that the firm’s core business fundamentals are very strong and the market for insurance in continually growing.
 
“Either you believe in Cayman’s future or you don’t. Our investment speaks loudly about what we believe and are completely committed to,” he added. "This is significant not just for DMS but for the entire Cayman Islands.  Saxon MG is now the only wholly Caymanian owned insurance company in the Cayman Islands.” 
 
Seymour also said there would be no job losses and existing team members would join the DMS family over the coming months.
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  1. The Soup says:

    Mr. Don, you must be the Richard Branson of Cayman or the Ken Dart of Camana Bay. Congrats my Caymanian home boy!! Now try and help CIG with some of the Country’s issues.  Well done again Don

  2. whodatis says:

    Geesh … one would swear this is a non-issue?!

    In the midst of so many local companies closing down or being bought by larger conglomerates this is quite a positive story.

    For some reason it is not receiving much attention.

    Congrats Mr. Seymour.

    Keep on trucking – ride it till’ the wheels fall off!

    :o)

  3. Flood Damaged says:

    OMG! And here was I thinking I was the only one this happened to with this company. Wish you luck with getting that response. I’m still waiting too.

  4. Anon says:

    Well, maybe I can come back now and possibly receive a different response in relation to the payment I’m still awaiting for my vehicle that I paid to have complete coverage for and was destroyed in Hurricane Ivan

    • noname says:

      I’m so sorry but if you didn’t pay the additional premium for hurricane coverage you can’t possibly claim if your vehicle is damaged by a hurricane.  

  5. Anonymous says:

    Mr. Seymour,

    Congratulations on acquiring Motor and General and thank you for demonstrating confidence in our market. I look forward to being a customer!