Profile on NEM Insurance Company Limited (NEM)

NEM is the oldest of all the General Insurance Companies operating in Jamaica. The tradition of excellence dates all the way back to 1934, when A.C. Saward was appointed chief Agent in Jamaica of National Employers Mutual General Association (NEMGIA) of the UK.

1980 saw the formation of NEM Insurance Company (Jamaica) Limited, as we are now known, with major Jamaican shareholding by the Jamaica Mutual Life Assurance and the Jamaica National Building Societies. In 1990 we became fully localized as NEMGIA sold their 48% shareholdings to the Mutual /Jamaica National consortium. On April 19, we became a proud subsidiary of the very strong and financially viable Jamaica National Building Society, when they acquired 96% of the share capital.

In the 1970’s we had yet another first, that is we became one of Jamaica’s first fully computerized insurance Companies. Over 30 years later, we remain on the cutting edge of technology with the implementation of our software package, Insure 90. This is an online real time insurance processing system, in use in over 120 territories worldwide including by Lloyds of London. Our customers can expect significantly improved levels of efficiency, including online access by brokers and agents and faster processing of documents.

Our Catastrophe Plan is another solid feature of which we are very proud. Our plan is reviewed and revised annually to prepare for the changing environment, but is primarily based on a tried and true formula. Our reputation for efficient disaster management earned during the devastating Gilbert Hurricane has not been equaled by any other. We settled over 10,000 claims in a record 3 months after the hurricane's passage. Our contingent partnership with the overseas adjusters remain in place, and our confidence in our ability to effectively deal with wide scale catastrophes is unwaveringNEM’s market share has grown to the enviable number two spot, a ranking which we are seeking to exceed in the very near future. To support this position the Company boasts solid reinsurance backing, and is one of the few who are able to secure full portfolio placement at the expiry of terms each year. This accomplishment is no mean feat against a climate of diminishing confidence and support withdrawal from the region.

Our track record has provided us with a history to be proud of. The present profitable position can be largely attributed to our Dynamic workforce lead by a sound management team with over 153 years of combined experience. We are very proud that we currently have the largest capital base of all the industry players, exceeding some J$2B and we have the distinction of being the most profitable at J$299m in 1999.

Now under the leadership our new Managing Director Errol T. Ziadie, we look forward to continued growth as we strive for excellence and market supremacy.

Email NEM: Errol Ziadie; eziadie@nemjam.com

Visit NEM website: www.nemjam.com