Key to family legacy in great hands
Sandra Masterton, managing director; Kala Abrahams, director; and Natalia Gobin-Gunter, chairman of the board of directors of Key Insurance Company Limited and their team, shared a proud moment on March 31 when the family-operated business, founded by their father, the late insurance mogul Sonny Gobin, was officially listed on the junior market of the Jamaica Stock Exchange (JSE). All three women are sisters.
At the end of 2015, the net worth of the company, incorporated in November 1982, stood at approximately $881 million - a six per cent growth over the previous year's $829 million.
Key Insurance Company is committed to expanding the business to better serve customers and to provide a quality product at competitive price, to meet the needs of varying budgets.
Sandra Masterton, keynote speaker at the listing ceremony, expressed the dedication of the siblings to carry on the legacy and commitment established by their father.
"The junior stock exchange was created and incentivised to attract new companies to list. It is vital to economic growth and prosperity. I commend Audley Shaw, minister of finance, for his decision to maintain the tax-exempt status of the junior stock exchange, " she said.
Wentworth Graham, chief regulatory officer, Regulatory Market Oversight Division, in presenting the JSE's Junior Market Rule Book to company secretary Treveen Little, lauded the management on some 33 years of operations in insurance, a highly regulated and dynamic industry. He said Key's successful track record is testament to the fact that is not new to compliance and regulations and is poised to satisfy the standards of the JSE.
The initial public offering (IPO), which opened and closed almost immediately on Tuesday, March 26, adding 153 newshareholders to the company, was handled by Karl Townsend, chief country officer, Jamaica Money Market Brokers Capital Markets Unit.
Townsend said the timely execution of the IPO could not have been done without a number of players, including the JSE, and he thanked General Manager Marlene Street Forrest and her team for their endless cooperation. He also thanked the law firm, Patterson Mair Hamilton, the Financial Services Commission and the Jamaica Central Securities Depository.