Listed company Key Insurance has unveiled what it described as an aggressive turnaround plan geared at reversing financial losses and returning it to stable profits by 2021.

The plan is also being touted as a measure to help achieve and maintain at least the Minimum Capital Test of 250%, as prescribed by the Financial Services Commission.

Key Insurance says its operating performance for the financial year ended December 31 was significantly influenced by claims arising from newly acquired motor business.

The turnaround plan, which was published on the Jamaica Stock Exchange website, says the company’s management is aware of the urgent need to reverse organizational decline for business sustainability and growth in profit.

Key Insurance is reporting, in the meantime, that the actions taken to-date have achieved positive results, with an improvement in the company’s operating performance and the meeting of regulatory capital requirements.

Key actions taken so far include an increase in reinsurance for motor and non-motor business and purchase of additional reinsurance coverage effective January 1 this year.

http://rjrnewsonline.com/business/key-insurance-unveils-turnaround-plan