Prime Minister, David Thompson (FP)??
The lessons to be learnt from the current economic downturn are critical to ensuring the future success of Lynch Insurance Brokers Limited.
Prime Minister David Thompson gave this advice to the management and staff of the brokerage firm, at a cocktail reception to commemorate its 150th anniversary last Saturday.
According to Mr. Thompson, a re-examination of the company’s business strategy would be required, to determine what new direction the company should pursue to maintain its viability.
"There is clearly no one formula for surviving any crisis. I somehow believe that the management and staff of Lynch Insurance Brokers Ltd. have created one by which they are able to reap success after success," he observed.
The Prime Minister pointed out that what was true for that enterprise was also true for the nation as a whole.?? "We can weather many storms and we will continue to do so if we have the right attitudes and by making the right choices," he stressed.??
Commending Lynch Insurance Brokers for remaining in business for 150 years, Mr. Thompson noted that they provided an invaluable service to the Barbadian community.
"As independent intermediaries who provide the link between clients and insurance companies, you are important economic agents giving practical and professional advice in the area of insurance services. Your commitment to your clientele is definitely a strong point in your success.??
"Your dedication to developing and delivering risk management programmes that effectively manage the total cost of risk to your clientele has allowed you to create a niche market in Barbados that is to be envied," he stated.
The Prime Minister also noted that through its strategic association with Marsh Inc., the world’s largest insurance broker and strategic risk advisor, the brokerage firm had been able to expand its expertise into the Caribbean.
"At this time in your development, the world is your stage. … You are doing something right. Keep on your path of excellence and the sky will be your limit. I can only hope that you are instrumental in training the young minds in the insurance industry today," Mr. Thompson advised.
During the cocktail reception, the Prime Minister was the first recipient of a book outlining the legacy of Lynch Insurance Brokers. He was presented with the book, for which he wrote the foreword, by company director, Gregory Rose.