Maritime tells clients fear not

Published: Wednesday October 1, 2008

Maritime Financial Group has assured its insurance policyholders in Trinidad and Tobago that the financial crisis in the United States would not affect them.

Andrew Ferguson, the group's chief operating officer, gave the assurance when he addressed the recent opening of the group's new $13 million financial centre in the south.

Commenting on the upheaval in financial markets abroad, he said: "[They] are facing extreme volatility with the collapse of many institutions that were once considered too large to falter. Even local companies are having a trying time to explain that their once thought of impenetrable parent, which is now facing financial troubles, will not affect policyholders. There has been spillover into international markets and most importantly spillover into the price of commodities including oil, which is a significant predictor of our local economy's growth. With such market volatility and uncertainty it is difficult to predict how our local markets will respond in the short to medium-term."

Ferguson said the Maritime group now had "insignificant exposures to the financial and real estate markets in the United States and abroad amounting to 1 per cent of the total assets of the group."

The centre on Cipero Street, San Fernando, which will provide financial services to a wider community, was opened before a large cross section of the insurance industry.

Regional manager of the South Regional Centre, Rex Baddaloo said the company started operating in 1961 and in 47 years the volume of financial business had increased to the point where new and larger premises became necessary.

Baddaloo told the audience at the recent opening: "Moving into the new premises constitutes a new beginning, providing a wide spectrum of advice to policyholders and investors.

San Fernando Mayor Kenneth Ferguson praised Maritime Life for its involvement in nation building through its charitable projects in the development of youths, the needy and homeless persons.

Ferguson called on the company to assist in finding a place for derelict vehicles which were used as exhibits in courts proceedings. Ferguson said "derelict vehicles and those that are exhibits in court proceedings are currently kept on the streets where they pose a threat to health and safety."

Two organisations based in the south received cheques valued $5,000 each, as part of the company's policy to pass back some of its profits to the public.


Source: Trinidad Express Newspapers
http://www.trinidadexpress.com/index.pl/article_business_mag?id=161382169