Sabga: Tatil worth $1B

TATIL MANAGING Director Gerry Brooks is soon to become chief operations officer of the Ansa McAl Group of Companies, Ansa McAl chairman Norman Sabga announced at Tatil’s 40th anniversary Gala and Awards Ceremony on Tuesday evening at the Hilton Trinidad. Sabga said Brooks would not actually be leaving Tatil because the Ansa head office would be relocating to the Tatil building. Sabga said Tatil had prevailed, succeeded and grown while other companies had disappeared, and this was due to clients’ confidence in Tatil’s ability to satisfy their financial needs and aspirations.

He emphasised both the commercial and humanitarian aspects of Tatil, saying: “Tatil’s contribution to the group over the last 40 years is reflected not only in its contribution in earnings per share and profitability but is also measured in the fact that through Tatil, we have been able to positively intervene in the lives of thousands of clients at crucial moments.” He said Tatil had paid over $500 million in claims, businesses had benefited from Tatil’s mortgage facilities, families had been aided by its estates and insurance policies, businesses had been paid for fire losses, and the Government and private sector had made investments through Tatil’s bonds.

He assured: “Tatil is and has been much more than an insurer.” He told staff to utilise Tatil’s new information technology and Internet facilities, Ansa’s recently renovated centre at Royal Road, San Fernando, and Ansa products and services which staff could cross-sell and cross-market. He congratulated staff but added that even more work needed to be done to add value to the country and region, through Ansa’s Vision 2003. “Vision 2006 mandates a doubling of our earnings per share and a doubling of share price to $40.” Saying the economy was strong and that GDP growth was projected at four percent, Sabga said: “The possibilities are boundless.”

Tatil chairman, Anthony Sabga, recounted that Tatil had been founded at a time when this country had gained independence, when there had been an attempt to form a West Indian Federation, and when the world was sharply divided between capitalism and communism. He said: “We applaud Mr Louis Rostant and his team who initiated the successful execution of this dream.” Noting that companies could only succeed in the financial services arena by being able to quickly transform and continuously adapt, Anthony Sabga recalled how Tatil had changed over the years.

“We have grown our asset base from an initial investment of $490,000 in 1969 to over one billion in assets and investments.” He concluded: “You, the good people of Tatil, provide families with the greatest of all benefits — peace of mind. You offer the opportunity for each and every citizen to have an umbrella of security over their lives.  Remember that the keys to success in your relationships with your clients are honesty and sincerity.”