Published: Friday May 9, 2008
The brand Life of Jamaica (LOJ), the most visible name in the life and health insurance industry, will be no more after 38 years in the operation with the passage of a resolution at the company's annual general meeting to give it a new identity.
LOJ will now be known as Sagicor Life Jamaica, giving effect to plans put in train years ago when the insurance giant was acquired by Barbadian financial conglomerate Sagicor.
The rebranding was set to take place initially in 2004, but was delayed due to reasons that were not disclosed by the company, but was said to be linked to resistance by shareholders at losing a name that was seen then as distinctly Jamaican.
But a day ahead of the AGM, sources told the Financial Gleaner that "the company is now at the point to execute the decision that was taken at the AGM in May 2004".
One slight change
A new vote by the shareholders was required because of one slight change in the name that was voted on four years ago.
The company has scheduled a press conference for today, to include Chairman Dodridge Miller of Sagicor Barbados, to more clearly outline plans for the rebranding and its implications.
Sources say LOJ will be moving immediately to file the necessary documentation with the Companies Office of Jamaica for approval of the name change.
The company will then have to relist on the Jamaica Stock Exchange under its new name.
The exact cost that would be incurred in such a rebranding exercise was not disclosed, but company insiders say it would be a 'significant' sum.
Costly exercise
Elements of what is expected to be a costly exercise for the company will be done on four platforms, which include the cost for changing of stationery and signage, both internal and external, the adjustments of information systems and mode of communication.
The company will also be adopting the colours of its parent.
All the subsidiaries of LOJ are expected to be rebranded under the new name Sagicor Life Jamaica but associated companies such as Pan Caribbean Financial Services and Employer Benefit Adminis-trator Limited will retain theirs, for now, but continue to carry the tagline 'a member of the Sagicor Group'.
Source:
Sabrina Gordon
Jamaica Gleaner
http://www.jamaica-gleaner.com/gleaner/20080509/business/business2.html
sabrina.gordon@gleanerjm.com
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