Kudos for Lynch Insurance Brokers - celebrates 150 years

During the event, Thompson was presented with the very first copy of “James Alsop Lynch & Co – A Craftsman of our Fate”, which honours the company’s founder, James Alsop Lynch. (File photo)

BRIDGETOWN, Barbados, November 6, 2009 – Barbados' Prime Minister David Thompson has given kudos to local company, Lynch Insurance Brokers Limited, for remaining in business for 150 years, despite periods of global economic difficulty.

And he has advised that the learning from this ongoing economic downturn would be key to ensuring the company’s future success.

"There is clearly no one formula for surviving any crisis. I somehow believe that the management and staff of Lynch Insurance Brokers Ltd. have created one by which they are able to reap success after success," he said recently at a reception to commemorate the company’s 150th anniversary.

"At this time in your development, the world is your stage…You are doing something right. Keep on your path of excellence and the sky will be your limit. I can only hope that you are instrumental in training the young minds in the insurance industry today.”

Thompson added that Lynch had provided an invaluable service to the Barbadian community.

"As independent intermediaries who provide the link between clients and insurance companies, you are important economic agents giving practical and professional advice in the area of insurance services. Your commitment to your clientele is definitely a strong point in your success. Your dedication to developing and delivering risk management programmes that effectively manage the total cost of risk to your clientele has allowed you to create a niche market in Barbados that is to be envied," he said.

During the event, Thompson was presented with the very first copy of “James Alsop Lynch & Co – A Craftsman of our Fate”, which honours the company’s founder, James Alsop Lynch.

Born on the 10 January 1827, into what was referred to as the ‘free-coloured’ or ‘free-black’ community in Barbados, Lynch founded the firm of James A Lynch & Company in 1859 and still stands out today as one of the finest and most successful businessmen Barbados has ever known. 

Commenting on the longevity of the company and the legacy of its founder, Managing Director of Lynch Insurance Brokers, Richard Rose said the fact that the name had survived as had the company throughout the period of Barbados’ transition from post-emancipation days to today’s modern democratic model was a credit to his character. 

Quoting from the book, he said: “A true testimony to the greatness of the man was that when he died, unlike many family firms in Barbados during that period, the firm did not die with him. Over time, Thomas B. Peirce acquired the business from the Lynch family and expanded it while changing the business model and passed it on to his children and grandchildren. But they have seen the wisdom of widening the shareholding to include Marsh Inc as international partners and others, yet maintaining the Lynch name.”
  
This, noted Rose, was in itself an important lesson for Barbadian businesses in that it demonstrated the kind of vision and succession planning which enabled a business like Lynch Insurance Brokers to survive the challenges.

“The occasion of the celebration of 150 years calls for a certain amount of reflection. When we looked back we realised that the story of Lynch Insurance Brokers needed to be told. Building on the firm foundations laid by James Alsop Lynch, we have quietly expanded and changed our business during the last 150 years to the point where we are the most professional and respected insurance brokers in Barbados and telling the story will reinforce this position,” Rose said.