Nov 2012 Financial News

COB Financial Services Inc. partners with GLOC

Nov 26, 2012

THE City of Bridgetown Financial Services Inc. (COBFSI) will in short order act as one of the agents for Guardian Life of the Caribbean (GLOC).

News of this came last Thursday at an official launching ceremony at the Hilton Barbados. The two have entered into a contract that will see COBFSI selling GLOC products under an agency arrangement.

The move, according to Lindell Earle, Chairman of COBFSI, will see the young company with four million dollars in assets, add life, pensions and annuity products to its already existing portfolio, which covers general insurance business and real estate services.

It is a partnership, he maintained, that would advance the 40 000 strong membership base of the COB Credit Union, its parent company.

The chairman dismissed all concerns raised about regulatory issues, which slammed the financial sector in recent years by stating that the two entities were and would remain separate entities. “The products we offer are Guardian Life products. COBFSI is only providing the agency relationship, [but] the products are underwritten and issued by Guardian. [That said] Guardian Life is a tremendous organisation with 165 years experience in the business and solid backing... [There has been] no regulatory issues and it is a very highly compliant company.”

Earle told Business Monday that this new release of products would be available to the public soon, with the initial roll out and training taking place over the course of the next couple of months. The COBFSI agency team will be led by Rudy Grant, General Manager.

According to a press release issued by GLOC, the products will assist credit union members when seeking mortgages and life insurance.

Ravi Tewari, Group President, Life, Health & Pensions for GLOC, told those at the launch that experience proved the key to being a successful insurer, which was forging healthy and mutually beneficial relationships with customers and business partners. This forge with the COBFSI, he said, was a very significant event for the Guardian family. (RA)


Source:
Barbados Advocate
Monday November 26, 2012

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=27942