NASSAU, Bahamas – Minister of State for Finance the Hon Zhivargo Laing said this week that investors continue to show a degree of confidence in The Bahamas, despite the downturn in the economy.
The Minister was addressing the official launching of Generali Worldwide, a subsidiary of the Italian insurance Generali Group on Wednesday, January 28 at Luciano’s restaurant, East Bay Street.
Generali Worldwide established itself in The Bahamas at the end of 2007 by acquiring an existing portfolio. It disclosed that it intends to expand its health products and services to include a children’s healthcare programme.
“An institution as reputable and as international as Generali to locate its business in The Bahamas shows a degree of confidence of the prospect of international businesses operating from within The Bahamas.
“It is also useful when, in The Bahamas they decide to expand their product offering because it then tends to diversify your offerings as a jurisdiction for both international and domestic clientele,” he said.
Acknowledging Generali’s plans to extend its health services to include a children’s health programme, Mr. Laing said the company has long-term plans by helping children to appreciate the value of healthy lifestyles.
Mr. Laing also stated that foreign interests have been expressed tourism, external insurance and the broader financial services area.
“Recessions are general declines in economies but they don’t suggest there are not pockets in the economy that can still thrive. So you can have niches of positive growth even in a recession struck economy,” Mr. Laing said.
Eric Butler, head of Generali Worldwide said the Caribbean region is a “strategic area” of growth for the company, which is committed to bringing world-class operation to The Bahamas.
Alana Bethell, local business development manager of Generali Worldwide said the proposed expansion of health services is expected to exceed the expectations of customers in The Bahamas.
Generali Worldwide was established in 1831 in Italy. It has subsidiaries in more than 200 countries with about 65,000 employees.
CAPTION: Minister of State for Finance the Hon Zhivargo Laing is pictured with executives of Generali Worldwide, which officially launched Generali Worldwide in The Bahamas during a reception on Wednesday, January 28 at Luciano’s restaurant, East Bay Street. Pictured from left are Gavin Tradelius, CEO, Generali Guernsey; Sally Carey, broker; Tina Cambridge, regional director, Generali Worldwide; Minister Laing; Eric Butler, head of Generali Worldwide, Guernsey; Giorgio Daboni, Europ Assistance, London; and Alex Kroon, CEO, CMN of Canada. (BIS Photo/Raymond A Bethel)