Chief executive officer of Pinnacle Insurance Brokers, Mark Neita (right), explains plans to build a second office in Montego Bay by June. Looking on is Manager Norman Laing. (Photo: Michael Gordon)
Pinnacle Insurance Brokers plans on expanding its footprint to the Western end of the island.
The plans for expansion come just three years after Pinnacle Insurance began operating from its Merrick Avenue location in Kingston, and follow on steady revenue growth from its financial year ended 2017, which saw production numbers more than doubling those of 2016.
Pinnacle Insurance Chief Executive Officer Mark Neita, in a round table interview with the Jamaica Observer, said the company aims to become a one-stop shop by the end of 2018, and in addition to setting up an office in Montego Bay, is now in the process of registering two licences with the Financial Services Commission to deal in general insurance and investment.
Currently, Pinnacle Insurance represents Jamaica’s two insurance giants, Guardian Life and Sagicor for life and health insurance coverage. The company also registered for a facultative licence to offer international health and life insurance coverage through the Global Benefits Group (GBG).
“We believe that our relationship and the company that we work with, GBG, is the best in the industry, hands down. And so as GBG gets out there and people become more familiar with it, we really expect that we are going to be the most significant player in the international health space,” Neita said.
The partnership with GBG has already reaped big rewards for Pinnacle Insurance, after it cemented a contract with one of Jamaica’s largest hotel players for international life coverage last year.
In fact, the untapped potential of international health and life insurance is part of the reason Neita wants to expand to Montego Bay. He reckons that an office in the second city will allow the company to better target hotel workers and business professionals for international coverage.
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