The Nassau Guardian
Book about British American Insurance Company launched
A book-signing event for “The Story of British American Insurance Company” was held recently in Nassau by the authors Peter Phillips, Carroll Davidson and David Thurlow. This was followed by a launch party at the Nassau Yacht Club for over 50 British American Insurance Company (BA) alumni, friends and followers, many of whom had not seen each other for decades.
Prominent alumni who attended the celebrations included Roger Sayers, who was a contributor to the book, Sir Geoffrey Johnstone, Roosevelt Finlayson, Angela Sawyer, John Wybrew, Judy Higgs from the Fidelity Group and Norbert Boissiere from Family Guardian. The launch costs were sponsored via the kind generosity of the Fidelity Group and the previous Chairman of BA, Peyton Woodson III.
BA was incorporated in Nassau in 1920 by five Bahamians and sold life insurance, with the premiums collected weekly. It eventually became majority-owned by a family trust (McMillen). It was a major business in The Bahamas and became a multinational company. It played a prominent role in civic and social life in The Bahamas, as it also did in the 33 countries in which it operated. Managed from its headquarters at 51 Frederick Street, Nassau, BA’s worldwide operations included life insurance, banking, broking, reinsurance, and in The Bahamas in the 1970s it also operated hotels, a motor dealership and other businesses.
In 1931, BA’s first non-Bahamian sales office was opened in Kingston, Jamaica, where in conjunction with the Nassau office it sold weekly premium life and sickness and accident insurance. In 1952, there was an ambitious expansion program and new offices were opened, first in Haiti, then Bermuda and later in the majority of English and Dutch-speaking countries of the Caribbean.
1967 saw Central American expansion into Nicaragua, followed by Honk Kong, Malaysia and Fiji. Africa was next, with offices in Nigeria, Uganda, Kenya and Mauritius. Later, European expansion followed, with the purchase of ordinary life insurance companies in the UK and Luxemburg.
The Bahamian insurance branch operation became a company, BA Bahamas, and it is now BAF. First Home Savings and Loan was established in the late 1970s to provide Bahamians with the finance to buy their own homes. It later became British American Bank and has since evolved into the Fidelity Group. A brokerage company, Britam Bahamas, was launched soon afterwards.
This book chronicles the history of the control of BA, the geographic expansion of its insurance activities and the impact that the changing world of the 1970s had on its operations. It contains photos of BA people worldwide and also vivid reminiscences of the pioneers who ventured into far places to fly its flag.
The authors worked together in the Caribbean home office in Jamaica during the 1960s. They lived in various countries during their careers with BA and their service exceeded 90 years.
BA’s final chapter is briefly covered. BA unraveled after the trust which controlled it divested itself of its interest and this once-proud company was disposed of, one operation at a time.
The book is for sale at Buy The Book on Saunders Beach; Logos Bookstore on Harbour Bay; Kathryn Marie Hair Salon on Palmdale Avenue, and on the website Amazon.com.
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