Motor and General turns into SaxonMG

(CNS): The acquisition of Cayman’s oldest insurance firm Motor & General by local business conglomerate dms Organization Ltd is now official and the firm is asking all policy holders to sign new agreements with the new owners. The firm announced in October that it had bought the troubled company and subject to approval by CIMA it would join the dms family by the end of 2010. Motor & General Insurance will now operate under the name Saxon Motor & General Insurance Company Ltd. (SaxonMG). “Clients’ current annual premiums and renewal dates will remain unchanged, but it is imperative that the transfer to SaxonMG is affected in order to ensure continued motor insurance coverage,” the firm said on Friday.

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

As the only wholly Caymanian owned insurance company, the firm stated that SaxonMG will always act in the best interest of its local customers and every dollar spent on car insurance will be reinvested in the local economy.

Last year 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.

Now that it is under the dms umbrella the firm said all policyholders need to sign a new agreement by Tuesday 15 February to ensure continued coverage and is urging policyholders to visit the office at earliest convenience. A signed copy of consent to SaxonMG assuming all of Motor & General’s rights and obligations in respect to each client’s insurance policy is required by 4:30pm 15 February or they will be deemed to have chosen to cancel their insurance policy, with cancellation taking effect at 11:59pm on 28 February.

“We are pleased to officially merge our teams and look forward to working together to further strengthen the solid reputation of the company. There will be no changes to current staff or services provided to existing clients of the company,” said Brian Williams, CEO of SaxonMG. “We urge our valued clients to drop by to sign their agreement in our name to ensure continued motor insurance coverage.”

He said it was the firm’s mission to continue delivering low-cost auto insurance to all consumers, with prompt personalized service.

“We look forward to establishing new standards for our consumer experience, building further on the already existing loyal client base. With a long-standing commitment to our country and our people, we are dedicated to contributing to Cayman’s economy, stimulating job creation and building a stronger community. SaxonMG has a lot to offer in terms of community outreach and support as well as our professional services,” Williams added.