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HomeNewsArchivesFYI: Lt. Governor Richards Honored at V.I. Insurance Association Meeting

FYI: Lt. Governor Richards Honored at V.I. Insurance Association Meeting

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Dec. 8, 2006 – Lieutenant Governor Vargrave Richards was honored by the Virgin Islands Insurance Association at their monthly meeting on St. Thomas for increasing insurance capability in the Territory during his tenure.
As the guest of honor at the luncheon, Association members thanked Lt. Governor Richards, in his statutory capacity as Commissioner of Insurance, for ensuring the viability of the insurance industry.
V.I. Insurance Association President Warner Bowers said Lt. Governor Richards willingness to understand and listen to the needs of the industry has resulted in a marked turnaround for the insurance industry from previous years.
Lloyds of Londons Bruce Tompson, senior manager of Worldwide Markets, told the group of insurance agents gathered that Lt. Governor Richards was directly instrumental in stabilizing the Virgin Islands insurance market.
As a result of his actions over the last four years, the Virgin Islands have retained underwriters and statistics have shown premium income rising in the past two years, Tompson said We now have a number of Lloyds underwriters waiting to do business in the Virgin Islands. Its to his credit. Hes done a very good job.
Lt. Governor Richards thanked the V.I. Insurance Association for their recognition of his work and expressed gratitude to Deverita Sturdivant, director of Banking and Insurance, for assisting him in understanding the insurance industry and its needs.
When I came into this office I had little knowledge of this industry, but through my engagement with the members [of the V.I. Insurance Association] I have gained a greater understanding of how insurance works, he said. I am eternally grateful to all of them that had a hand in making our partnership work.

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