Home' Trinidad and Tobago Guardian : March 5th 2015 Contents MARCH 2015 • WEEK ONE www.guardian.co.tt BUSINESS GUARDIAN
NEWS | BG7
CONFLICT RESOLUTION AND
MEDIATION CENTRE OF
Trinidad And Tobago
Certified Mediation Agency
Is Hosting a Seminar on the
Bankruptcy and Insolvency Act (No. 26 of 2007) & The Bankruptcy and
Insolvency Regulations 2014 Part VII -
Mediation Provisions as proclaimed on the 26th May, 2014.
An Act to revise the law relating to bankruptcy to make provision for corporate
and individual insolvency; to provide for the rehabilitation of the insolvent debtor
and to create the Office of Supervisor of Insolvency.
This seminar is to inform, educate and assist in the resolution of disputes,
difficulties and challenges in restructuring and rehabilitating credit facilities with
financial institutions with reference to the mediation provisions.
Business Owners, Entrepreneurs, Debtors, Financial Institutions, Banks,
Credit Unions, Insurance Companies, Accountants, Attorneys-at-Law,
Directors, Corporate Secretaries, Mediators.
"Now you have the potential for continuing to operate a business and petitioning
the Court to protect you from your creditors so that you can restructure your
business and come up with a business plan. You can hold off your creditors while
doing so, on a structured basis ..........."
Minister of Finance
(as reported in Trinidad Guardian Newspaper 20/07/14)
Place: Conflict Resolution and Mediation Centre
of Trinidad and Tobago
112 - 114 Duke Street, Port-of-Spain
Contact No.: 627-7373
Registration Forms available online at
Registration Fee: $1500.00
In a December 7, 2012 statement, the
Airports Authority of T&T (AATT) said
the rehabilitation works on the terminal
building would begin.
In January 2013, then chairman of
the AATT, Gerald Hadeed, indicated
that the ANR Robinson International
Airport would be "refurbished," at a
cost of $24 million. In an interview
with Business Guardian newspapers,
he said: "The present facility would be
upgraded to take care of the local traffic
(nationals from Trinidad visiting to
Tobago) in a more appropriate man-
Hadeed said the modification was
justified since repairs was not done on
the airport for a 20-year period.
It would be eight months later when
then transport minister, Chandresh
Sharma, said the Tobago airport would
be upgraded by September 2015. The
repairs, he estimated, would cost $150
million and would include repairs to
the leaking roof and other refurbishment
works, construction of a new meteor-
ological station, and control tower, as
well as a small water craft monitoring
In September 2014, the Tobago air-
port did not receive its planned upgrade
prompting Tourism Secretary Tracy
Davidson-Celestine to express concern
about it. She indicated then that the
tourist season was expected to start in
November and nothing was completed.
Tenders were invited for building roof
repairs to the terminal building and the
supply and installation of a new main
distributed board complete with auto-
matic transfer switch and power meter-
ing system for the airport.
and internationally---and the current upgrades
will not cater sufficiently for the additional
demand. We have since met with the Minister
of Transport and have voiced our concern.
Allan Clovis, chief executive of the Kariwak
Village Holistic Haven, located a stone s throw
from the Tobago airport, said the upgrade of the
facility is long overdue.
"We, in the industry, have heard so many
things about that airport for years. The airport
is part of a whole network of (tourism) offering.
I don t know why we took so long to put things
in place. That s the modification as opposed to
what is really required in an airport."
There is still doubt as to whether a modification
would encourage more arrivals to the destination,
he said. What is clear is the standard would
improve, Clovis added. He said the airport is
Chairman of the Airports Authority of T&T,
Jason Julien, in a telephone interview, said the
modifications are going to be done in phases.
He said the first-class lounge would mean
that some of the visitors to the island would get
preferred treatment. There are "physical chal-
lenges" to the expansion of the airport. The mod-
ifications, he said, would improve the logistics
at the airport and the capacity. Not all the prob-
lems can be solved but some will with these
The lounge, international departures hall and
check-in/arrival halls project at ANR Robinson
Airport is expected to be completed by October
That confirmation came from the AATT in a
"Airlines have expressed the need for a VIP
lounge to accommodate their first/business class
VIP customer base in the terminal facility. The
authority engaged in discussions with the Ministry
of Works and Transport and the Tobago House
of Assembly, and a decision was taken to have
a first-class lounge installed as quickly as pos-
The project (VIP lounge, international depar-
tures hall and check-in/arrival halls) involves a
"modification and optimisation of the current
space within the terminal building to improve
operations and move passengers in and out of
the terminal with improved efficiency."
AATT confirmed that Alpha Engineering and
Construction Ltd was awarded the contract to
install the VIP lounge, international departures
hall and check-in/arrival halls.
Another project---also expected to be completed
by October 31, 2015---is the terminal building
roof repairs programme, which would involve
reinstating the structural integrity of the "roof
service corridor," the authority said.
"Consultancy services for the design and
modification of the terminal space was provided
by Zyscovich architects. Consultancy services for
design and supervision services for the roof repair
works were provided by Lee Young and Part-
From page BG6
With less than three years in the
insurance sector in T&T, Nagico
Insurances (T&T) now boasts of a
300 per cent growth in Premiums
since its 2012 acquisition of GTM
Insurance company. Nagico T&T,
reported $124 million in revenue in
the last financial year end.
Nagico is a St Maarten-based
insurance company which started
in 1982. In the T&T market it offers
motor, marine, liability, business
and property insurance. In early
2012, Nagico announced that it had
acquired GTM Insurance company,
an insurance company that was
established in 1880.
Nagico s group CEO Imran
Amjad had said in an interview
three years ago: "What we have
found is that the market is very
competitive. T&T is unlike the rest
of Caribbean islands in that the
market is more mature and is up
there with European and American
companies. The T&T market gives
a good level of competition but we
have met that in other places as
well and we are not that concerned
The company did not want to
disclose what it cost to acquire
Other than the T&T market,
Nagico is present in 16 territories.
The territories are:
Bonaire St Kitts and Nevis
Curacao St Maarten
Dominica St Vincent
Nagico s managing director
Christopher Henriques spoke to
Business Guardian last week, to
give an update on the company s
performance in the T&T market.
"We have a B + secure rating
which puts us in the category of a
safe insurer." He added that a com-
pany can also be rated based on the
economic state of a country.
Asked whether the Nagico brand
is widely recognised in the T&T
market, he said there is enough
recognition of the brand but there
is always room for improvement.
Henriques said Corporate Social
Responsibility is important for the
company since it forms part of the
brand recognition exercise.
"We do need to build our brand
a little more, we are still a quiet
company in relation to the other
players on the market. We are pres-
ent in T&T for a short time too,"
With every company there are
external factors which are out of
the company s control. For Nagico,
one of them is the legislation gov-
erning the industry, which is the
Insurance Act Chapter 84:01. Com-
menting on the legislation which
is yet to be passed in Parliament,
he said there are more changes
being done to legislation.
"After it went to the Joint Select
Committee, it went back to the
Ministry of Finance. It has been
ongoing fast and furiously. The way
capital adequacy is assessed, I think
they are going too harsh on it."
There must be room in the
industry for small players, he said.
If there is an industry with only
multinationals and these multina-
tionals fold up, it may result in
repercussions for the entire indus-
try.While not disclosing the exact
size of each market in the Caribbean
which Nagico is present in, he said
the company commands good mar-
ket share: "In T&T, we are about
3.5 per cent. In St Maarten we are
far the biggest player. In Montserrat
we are the biggest player."
Looking at 2015, and the future
of the insurance industry, he said
this year is "going to be a tough"
since "rates continue to fall while
claims continue to go up so it is
real balancing act. Fifty per cent of
insurer s income goes toward paying
claims. As long as claims go up
insurers would have a tough time".
Henriques has 27 years experi-
ence in the insurance industry. He
is on the board of the Association
of Caribbean Insurance Profession-
als which is a body that has been
set up to build the professional
capacity in the industry.
"There is a shortage of qualified
professionals in the region. One of
the things with this particular asso-
ciation is a need to try to get the
professional qualifications for insur-
"It is critical for the region s
development that Caribbean pro-
fessionals are allowed to work in
various territories. Even if you have
a university degree that does not
teach you insurance, you need to
have that insurance expertise."
Nagico seeing premium growth
Current upgrades will not cater for additional demand
managing director, Nagico.
PHOTO: ABRAHAM DIAZ
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