Two senior members of Barbados’ largest insurance company have resigned to take up jobs with a competitor.
Agency Managers Robin Taylor and David Cave both resigned from Sagicor Life Insurance Company last week to take up opportunities with the Guardian insurance group.
One source from Sagicor told Barbados TODAY that the departure came on the heels of some “disquiet” within the company, which came about mainly as a result of changes that were “squeezing agents”.
As a result, the source indicated that the departure could be followed by an exit of up to 20 advisors who worked closely with the two managers.
“A lot has happened at Sagicor recently, so things are not going well. There has been a change to the bonus structure . . . so it is hard for agents. A lot of them are unhappy about the changes in terms of policies taking over ten years to get cash value and so forth,” said the source.
“There is an allegation they are going to take their entire agency to the other company,” said the source, who did not wish to be identified.
Cave and Taylor are said to have brought close to 20 agents with them when they joined the company more than two decades ago.
“My understanding is that they are going to take their agents with them, about 20 of them. That has caused some disquiet in the company,” said the source.
Cave could not be reached for comment, but when contacted Taylor declined to speak on the development.
Both Vice-President of Sales Gay Griffith and Assistant Vice President at Sagicor Life Insurance Carolyn Shepherd confirmed the resignations of Taylor and Cave. However, neither was aware of any disquiet in the company or any planned exit of advisors.
“As far as we are aware there is no disquiet in the company and we don’t have any resignations other than those two,” said Shepherd, adding that opportunities happen every day. “It is a competitive market.”