Tue | Oct 19, 2021

Business Briefs

Published:Wednesday | June 23, 2021 | 12:08 AM

● JP plotting triple-growth strategy

Jamaica Producers Group Limited wants to triple both its revenue and equity base, or net book value, over the next decade. CEO Jeffrey Hall, speaking at JP’s annual general meeting last Friday, said the company wants to replicate the pace of growth seen over the past decade, 2011 to 2020, in which Jamaica Producers grew equity from $4.79 billion to $16 billion, and revenue climbed from $6 billion to $21 billion, mainly through acquisitions. JP’s most recent acquisition this year was a 50 per cent interest in Geest shipping line.

● iCreate Institute picks a president

Digital marketing and creative trainer iCreate Limited has hired Dominic Summers as president of its educational unit, the iCreate Institute, the company announced in a market filing. It frees CEO Tyrone Wilson to focus on the other elements of the loss-making business, which has been undergoing reform to survive the pandemic, and has added e-commerce and real estate to its areas of focus. Summers, who took up his new position on June 7, is said to have experience as a digital product designer as well as in software development in early-stage start-ups in South Florida.

● US$40m capex for port operator KWL

Kingston Wharves Limited says it has budgeted US$40 million for infrastructure projects this year, three-quarters of which will finance berth expansion. Another US$5.2 million is being spent on a super Panamax crane to be delivered later this year, and US$900,000 for terminal pavement rehabilitation. The Berth 7 project will cost US$30 million. The port company operates nine deep-water berths running along 1.6 km of continuous quay. Its terminal serves over 1,000 vessels annually, and moves containerised cargo to over 30 destinations.

● US$1b disaster insurance coverage

Regional insurer CCRIF SPC will this year provide more than US$1 billion of coverage against natural disasters to its members, which are mostly governments – 19 in the Caribbean and three in Central America.

CCRIF also has one non-government member, Anguilla’s electric utility company ANGLEC, which buys coverage from the facility for its electric transmission and distribution systems. The governments are covered for tropical cyclones, excess rainfall, and earthquakes, as well as protection for the fisheries sector.

CCRIF said this is the second year running that insurance purchased has surpassed US$1 billion. At inception in 2007, the fund, then known as the Caribbean Catastrophe Risk Insurance Facility, had 16 members that were covered for $500 million. Over the 14 years, the total payout to members who have suffered sufficient damage to trigger their policies was US$200 million.