BCIC adjusts senior management team
British Caribbean Insurance Company Limited, BCIC, has created a new role, chief strategy officer, that being led by Garth Rowe.
It represents a “promotion” for the former general manager in charge of finance, a position he has held since 1995, the insurance company said. Rowe took up his new position on March 13.
“At a time when the industry has undergone significant change, Rowe will focus on building models for reinsurance and investment scenarios that help the business make better decisions and increase profitability. He will also be responsible for creating high-level analysis which will ensure resources are injected into the most profitable lines of business, products, and markets,” BCIC said in a statement.
The company has also hired a new chief financial officer, having recruited Janet Collings, a chartered accountant with three decades of experience, for the job.
Remittances up in January
Remittance inflows inched up by two per cent in January to US$248.6 million, compared to US$243 million in comparative month a year earlier.
However, the pace of growth continues to lag Jamaica’s remittance peers, according to Bank of Jamaica data.
January remittances to Guatemala rose 17.4 per cent, 12.5 per cent for Mexico and 6.4 per cent for El Salvador.
It’s typical for remittances in Jamaica to begin the year on a rise, compared to the preceding January, BOJ data shows. But inflows tend to vacillate as the year progresses.
In 2022, total inflows for the year ended at US$3.44 billion, having climbed down slightly from a historic high of US$3.5 billion in 2021.
“I have had a lot discussions from consumers from the sending market and one of the things that’s very clear – that inflationary pressures in the US had a significant impact on remittances coming into Jamaica,” said GraceKennedy Group CEO Don Wehby. “Inflation is the primary reason for seeing this reduction in remittances,” he said during a March 13 earnings call.
GraceKennedy, through its money services arm, is the Caribbean agent for Western Union, and is the top company for remittances in Jamaica.