AIC’s significant investment in April 2006 resulted in the acquisition of an 80% share of the organization and is a continuing demonstration of the unquestionable passion for and commitment to this country of our Chairman, Michael Lee-Chin.
Under the unwavering guidance of the formidable Board of Directors, Advantage General has maintained its aggressive posture of improving operating results, restoring profitability while managing exposure and striving to meet all regulatory standards. Today, the Company has an enviable customer base of almost 100,000 policyholders and a network of 11 branches strategically located in main towns island wide.
This achievement is one of pride to the Company as it maintains a commanding lead in a highly competitive market of 11 players. This has been achieved through consistent growth which has been over 15 percent per annum for the last 36 months.
In addition, the company has reduced the over half billion dollars in losses for 2005 to a profit of $23 million for 2006 (before accounting for a redundancy exercise). In 2009, the company posted a net loss of $55 million but once again is on the rebound with the unaudited half year results reporting an underwriting profit, as well as net income in excess of $130 million. This is within the framework of a challenging economic climate and the advent of the JDX Programme of 2010, where investment yields have reduced by over 40 per cent.
The backbone of the Company’s success has been the strong partnerships with premier reinsurers, intermediaries, staff and the many loyal customers who continue to believe in Advantage General; we are even more committed to surpassing the expectations of our customers through consistently living our Core Values of Respect, Integrity, Accountability and Customer Centricity.
The support of Advantage General Insurance’s internal team members is beyond compare. This is evident in the Company copping the 2008 Jamaica Employers’ Federation Employer of Choice Award in the Medium Category. In July 2010, the Company also received a third place award for Honorable Mention for its Human Resource innovations from the Human Resources Management Association of Jamaica (HRMAJ).
At Advantage General, ‘OUR RELIABILITY IS YOUR PEACE OF MIND’.