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2005-05-23 23:56:26

Colina Approves Reorganisation Plan

New executive team and new directors to bring fresh thinking and new direction to troubled company.

The Board of Directors of Colina Holdings Bahamas Ltd. (CHBL), parent company of Colina Insurance Company Limited (CIC), approved a reorganisation plan Friday, which involves the appointment of a new executive team.

CHBL shareholders also approved the appointment, subject to Regulatory approval, of three new directors: Macgregor Robertson, Zhiavago Laing and Ednol Farquharson.

"In assessing the future growth and development of the company, we believe a restructured Board of Directors was critical in bringing fresh thinking and commitment, new skill sets and direction as we transition from a period of acquisition to one of consolidation and organic growth," said Emanuel Alexiou, CBHL Chairman.

It was also approved to change the name of the insurance company to "ColinaImperial Insurance Ltd." (CIIL). This change recognises the importance of Colina's acquisition of Imperial Life in January of this year as it consolidates its position as the leading insurance company in The Bahamas.

"We are excited about our new name, leadership and direction," said Mr. Alexiou. "The name ColinaImperial combines the heritage and strong brand recognition of two highly successful and innovative companies. Generations of Bahamians have trusted the two companies with their life and health insurance needs and we intend to build on that trust in continuing to deliver leading products and outstanding service."

ColinaImperial's executive team will be led by Guy Richard who has been appointed president. Mr. Richard was executive vice president and managing director of Imperial Life Financial, the Bahamian branch of Montreal-based Desjardins Financial Life Assurance Company, the 6th largest insurance company in Canada.

"Mr. Richard brings the insurance industry knowledge and experience that will take ColinaImperial to a new level of service and development," said Mr. Alexiou. "We are very pleased, and feel very fortunate, to have an individual with his background assisting us at this critical time. He will play a vital role in helping us consolidate our position as a premier financial services company in The Bahamas."

The other members of the executive team are Keith Major, senior vice president & general manager, Michael Cunningham, vice president of finance, Glen Ritchie, vice president of operations, Dashwell Flowers, vice president of sales and Linda Jarret, vice president of group benefits. "Our executive team brings a wealth of leadership experience that will help ColinaImperial to continue its growth that will ultimately benefit policyholders, shareholders and employees," said Mr. Alexiou.

The CHBL Board has agreed to appoint Toronto-based, law firm, Goodmans LLP to review and provide recommendations on the company's corporate governance policies.

"Our acquisitions have created synergy opportunities to utilize the best practices and best people from the companies that now form ColinaImperial," said Mr. Alexiou.

"New skill sets with broad and proven experience in our areas of business are also required in the day-today management and leadership of the company so that we can focus internally on those areas that will allow us to meet increased client expectations and, in the process, increase shareholder value."

"Colina is a great Bahamian success story," said Mr. Richard. "I look forward to being part of a group with such high standards of professional excellence and integrity."

From: The Nassau Guardian

 
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