PHILIPSBURG - Gulf Insurance on Friday officially introduced the company's new parent company Assuria Insurances, Suriname's largest insurance company, which took over Gulf Insurance Ltd in April.

 

Assuria Group is a holding company comprising five operating companies: a life insurance company, a general insurance company, a medical insurance company and two investment companies, the first of which invests in the international capital market and the second in Surinamese companies.

 

Through this last company, Assuria Group is a shareholder in a number of successful companies, including the Dorarica Group, Suriname's largest hotel chain. Assuria Group further holds a 49 per cent share in De Surinaamsche Bank.

 

In its 2011-2015 multi-annual strategic plan, Assuria Group expressed its ambition to have an insurance interest in at least two different countries outside of Suriname. It started two insurance companies from scratch in Guyana in 2012. This aim has been achieved with the takeover of Gulf Insurance, which has headquarters based in Trinidad and Tobago and operates regionally in 12 other territories, including St. Maarten where Gulf has a branch office.

 

"We are proud to say we achieved the goals we have set of being present in at least two territories," said Assuria Insurances' Managing Director Stephen Smit.

 

Gulf Insurance Managing Director John Gonzales came into the Gulf company two years ago to manage the company on behalf of the previous shareholders and was thoroughly involved with the takeover of Gulf by Assuria.

The company has been operating from Trinidad and Tobago in many territories in the Caribbean, including St. Maarten since 2000. Gulf operates in general insurance, which includes property, motor, liability and marine insurance.

 

The company has established a strong name over the years through the way it has operated. Gulf has delivered services in claims settlements in many hurricane disasters, including Hurricane Luis in 1995.

 

"The Gulf brand is well known regionally, and with Assuria's involvement it's poised to develop into one of the largest regional general insurers in the coming years," said Gonzales. "The takeover by Assuria brings a number of benefits, Assuria increases Gulf's security through the capital it has available."

 

Assuria has 200 employees in Suriname in specialised departments that will assist Gulf. Assuria also has six actuaries with knowledge of risk assessment and corporate governance and compliance, which is of increasing importance, as rules and regulations in the industry are becoming stricter. Furthermore, the company has the ISO 9001:2008 quality certification in place.