Extract from the speech of Mr Christian Dalais, Chairman of Mauritian Eagle Insurance, made during the reception organised at La Pirogue Hotel on the 6th December 1993 for the twenty years of the company :

"In 1973, two men met to discuss about the formation of an insurance company, one from a well-known and established company in South Africa - the South African Eagle and the other from the IBL group. I am referring to Fred Haslett and Colin Hare. The company has since come a long way but without their vision and determination we would not be here tonight and we are very indebted to them.

With a capital of only Rs 1 million - 80% coming from IBL and 20% from South African Eagle, Mauritian Eagle was formed in 1974. We were fortunate to have South African Eagle as partner as they initially provided all the expertise needed to start a new insurance company. Mike Hepburn became the first General Manager of the company. When he left in 1979, the management was taken over by Guy Leroux who has last year been appointed on the Board of the company in recognition of his achivement.

Over the years, the company has gone from strength to strength. The issued share capital of Rs 1 million has reached the sum of Rs 26 million without fresh funds being injected in the company except for the public issue. The gross premium income which was Rs 82 million at the end of last year will hopefully exceed Rs 100 million by the end of this year. Whilst the number of employees has doubled from 20 in 1974 to 40 in 1993, the turnover of the company has increased 50 times.

Two years ago we decided to start transacting life business in order to meet the needs of our clients and I am glad to say that this department is performing to our satisfaction. This year in line with the philosophy of the company, the Board took the decision to have the company listed on the Stock Exchange of Port Louis. 25% of the Equity of the company was sold to the public. As you are aware, this was a success as the shares were over-subscribed by 30%.

Our country is rather fortunate in that its economy has not suffered a recession as in many other countries. However, the insurance industry in particular has not been free from the vagaries of the economic climate prevailing overseas. We form part of an international market and we therefore cannot escape the consequences of disastrous results suffered by the market worldwide. Conditions are becoming tougher in the insurance industry. More than ever before we must be careful about what we underwrite in the future. This is why Mauritian Eagle employs a qualified staff to look after the interests of the main players in the market namely the reinsurers, the shareholders and the clients."

Source : IBL News, December 1993.