Sunshine Insurance (Agents & Brokers) statement regarding contract allegations

Sunshine Insurance (Agents & Brokers) statement regarding contract allegations

9/21/2017 1:18:01 PM
NASSAU, Bahamas – Sunshine Insurance (Agents & Brokers) Ltd. (Sunshine Insurance) takes very seriously its role as a responsible corporate citizen. As a result, it is necessary to address the remarks made by the Minister of Works in the House of Assembly yesterday and the consequential comments in the press.

At the outset it is important to note that Sunshine Insurance is an insurance broker. As is the industry norm, in this role as a broker, Sunshine Insurance does not retain clients’ premium. The clients’ premium is passed on to insurers, less the commission earned. Therefore, Sunshine Insurance earns commission on business it places with insurers.

In the context of a broker, in 2013, Sunshine Insurance participated in the BEC/BPL sealed tender process for the provision of their insurance coverage and was awarded the bid.

In 2017 – four years later – Sunshine Insurance again participated in the sealed tender process. The insurance contract was renewed in June 2017 to the period June 2018. The current Minister of Works was in office at that time.

At no stage has Sunshine Insurance ever used any political effort to seek to influence the outcome of a tender process. Sunshine Insurance prides itself on operating to the highest international standards and does not participate in any unlawful or unethical practice. Any statement to the contrary is simply false.

Our sense of corporate citizenship and contributions to our community are extensive and well-documented.