Home' Trinidad and Tobago Guardian : March 2nd 2015 Contents A16
Guardian www.guardian.co.tt Monday, March 2, 2015
Assuria NV has acquired a
second insurance company in
Trinidad and Tobago.
In a notice to shareholders, the
company announced its 77 per
cent shareholding in Mega Insur-
ance Company (MIC) with an
acquisition of 15,791,682 of the
company s issued shares.
"Following Assuria NV offer
dated November 11, 2014 to pur-
chase 18,183,334 ordinary shares
or 89 per cent of the issued and
outstanding shares of Mega
Insurance Company Ltd and
Mega s directors circular of
December 19, 2014, Assuria suc-
cessfully acquired 15,791,682
shares," the company said
This follows Assuria s acqui-
sition of another local company,
Gulf Insurance Ltd, in April 2013.
On January 22, Lindsay
Gillette, Paul Vilain, Inderjeet
Beharry and Errol Cheong
resigned as directors of MIC.
In a statement to the media
on Friday, Assuria said the
remaining shares amounting to
23 per cent are being held by
"With this acquisition, Assuria
has strengthened its investment
position in T&T, having acquired
100 per cent of Gulf Insurance
Ltd---a provider of general insur-
ance services---in April 2013.
Assuria regards the acquiring
of Mega s shares as strategic to
its T&T and Caribbean regional
development strategy," the com-
The new chairman of the MIC,
Stephen Smit, also holds the
position of CEO of Assuria NV.
Other members of the board are
Armand Achaibersing, chief
financial officer, Assuria NV;
Nario Merhai, chief commercial
officer, Assuria NV; Suniel Nand-
persad, deputy director, Foreign
Operations, Assuria NV; Jason
Clarke, CEO, Gulf Insurance Ltd;
Martin Jim, financial consultant;
Angela Lee Loy, CEO, Aegis Ltd;
Albert Tom Yew, CEO, Mega
T&T will host the Institute of
Chartered Accountants of the
Caribbean s (ICAC) 33rd Annual
Caribbean Conference June 25-27
at the Hyatt Regency in Port-of-
Spain. The theme is Get Your Game
On---Building and Sustaining
At the media launch of the con-
ference on Friday, ICAC president
Frank Myers called on accountants
to become more involved in the
building of Caribbean economies.
"The opportunity is there for the
profession to be part of the region s
recovery efforts. The exclusion of
chartered accountants from delib-
erations on the economic issues of
the region has been nothing short
"It is well recognised that the pri-
vate sector must be the engine of
growth for our economies, we do
not seem to be an automatic go-to
when these discussions arise. That
is surprising given the fact that we
are the group of professionals that
have the best understanding of com-
mercial activity given our daily inter-
action with the private sector."
In remarks at the launch, president
of the Institute of Chartered
Accountants of T&T (ICATT), Pria
Narinesingh, said there are 3700
ICAC members in the region.
"Our colleagues in Jamaica are
celebrating their 50th anniversary
and we congratulate them on achiev-
ing this golden milestone. What this
means is that the accountancy and
auditing profession in the region has
had a long tradition made even
stronger by the formation of the
ICAC," she said.
Narinesingh, who said ICATT is
celebrating 45 years of service to the
accounting profession, added: "T&T
can claim a special bond with the
regional body, for it was at a meeting
of Caribbean accountants in Port-
of-Spain in 1987 that a resolution
was passed proposing the establish-
ment of a chartered body for
accountants in the Caribbean.
"The ICAC was subsequently
incorporated in 1988 in Jamaica.
Today, membership across the region
is about 3,700, 1350 of which are
Narinesingh said the conference
theme "is really a call to the region s
professionals to ready themselves
for the challenge of growing viable
enterprises in a time when island
economies struggle to emerge from
the contagion of the 2008 financial
"While the traditional businesses
will remain bread and butter, quan-
tum leaps can only be derived from
innovative, out of the box approaches
that build on the unique competitive
advantage of our island states," she
meet in T&T in June
The new directors of Mega Insurance Company.
Assuria acquires second
T&T insurance company
BERLIN---Germany s finance minister said yesterday
that he trusts Greece s current government to fulfill
the conditions for the bailout deal, but also made
clear the country would not receive any further money
if it didn t.
Finance Minister Wolfgang Schaeuble told German
newspaper Bild am Sonntag that "I trust them to
implement the needed measures ... and to ultimately
fulfill its obligations."
At the same time, Schaeuble warned that if Greece
did not fulfill the demands laid out by the eurozone
finance ministers in a four-month bailout plan, "there
will be no more aid."
He also said it remains to be seen whether Greece
needs more aid after the end of the current bailout
plan, adding that "no matter what s going to happen,
we will set very strict standards."
In a different interview Sunday afternoon with Ger-
man public TV ARD, Schaeuble rejected the notion
that Germany is at fault for the "problems from which
the people in Greece have to suffer."
"Those who are at fault are those who were respon-
sible for decades in Greece," Schauble said.
Germany s Parliament overwhelmingly approved the
four-month extension of Greece s financial bailout on
Friday, despite unease over the new government in
Athens. Last week, Greece won a four-month extension
to its 240 billion-euro ($270 billion) international loan
agreement earlier this month in a deal with the other
members of the 19-nation eurozone.
In return, Athens has pledged a series of budget
reforms, which for now contain no details but will
have to be turned into concrete measures by April.
Germany trusts Greece to fulfill bailout terms
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