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July 29, 2008
News Brief
Blue Cross loses bid to Sagicor.
The corporate battle for the management of the $2 billion Government Employees Administrative Services Only Health Insurance Scheme, (GEASO), has finally come to an end.
The staff of Blue Cross Jamaica was today informed that Sagicor Life Jamaica Limited, formerly LOJ, has secured an agreement to acquire their insurance portfolio.
Blue Cross had managed the health scheme since the mid 1980's, which they had won through a tender process up until 1997. However the contract had not been put to tender again until last year, where LOJ, Blue Cross and Guardian Life all submitted bids. When it seemed as if the government would award the contract to LOJ a battle ensued, as Blue Cross insisted that the contract remain with them.
Union's representing Public Sector Workers complained that the GEASO Monitoring Committee, which represents the interests of beneficiaries of the scheme, was excluded from the selection process. Granville Valentine, of the National Workers Union, described this exclusion of the committee as "total madness" and expressed his disappointment at their silence on the matter.
However, Sagicor's president and CEO, Richard Byles, assured that the acquisition will allow Sagicor to deliver health benefits to both Sagicor and Blue Cross customers even more cost efficiently in the future, while Blue Cross chairman, Dr. Henry Lowe, said that this acquisition will allow Blue Cross clients to enjoy present benefits, as well as new possibilities with access to a much wider range of products and services from a company with regional and global links.
The transaction is subject to the approval of the Financial Services Commission.
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Scotia Bank replaces president and CEO.
After his sudden announcement, two weeks ago, that he would be retiring in October, Scotiabank Jamaica has found a replacement for Bill Clarke, as president and CEO, in the form of Bruce F Bowen.
Bowen, present head of the bank's Puerto Rico branches, was Clarkes second in command up to 2002. Bowen has more than 18 years experience in international banking in the Caribbean.
Chairman of the Board of Scotbank Jamaica, Robert Pitfield, said that he knows "...that Bruce will continue to build on Scotia's tradition of strong leadership and commitment to customers, employees and the Jamaican market."