The Tribune

A mortgage facilitator has expanded its product offering through the acquisition of an established insurance agency.

Robert Pantry, pictured, Simplified Lending’s founder and chief executive, confirmed the purchase of Affinity Insurance Agency, saying: “Despite the fall-out from COVID 19, we continue to be extremely optimistic about the future of The Bahamas.

“Our acquisition strategy is to focus on the future with a growth and expansion mindset. Core to our growth strategy is to look for ways to add value to our clients as our aim is to be the go-to boutique financial services group centred around personalised service.”

Affinity’s insurance products will include homeowners’ coverage; car and truck; marine and dock; public liability; directors’ liability; contractors all-risk; fleet; hotel and hospitality; and cyber security insurance in addition to life insurance and group and individual health insurance.

Mr Pantry said discussions to acquire Affinity began in early 2021. Negotiations and regulatory approvals, together with leasing and upgrading space in Sandyport Plaza plus administration offices in Simplified’s new 3,000 square foot headquarters in RND Plaza on Thompson Boulevard, progressed amid COVID-19 lockdowns and health restrictions.

“Over the past two years, even right through the pandemic, we listened to the concerns of clients in businesses of every size about the rising cost of insurance, increasing requirements for coverage and, at the same time, a fear of more exemptions,” said Mr Pantry.

“We heard what those clients and colleagues said and asked ourselves: ‘If we were able to bring innovation to residential and commercial mortgages and financing, why can’t we look at insurance with a view of how best to meet changing needs with a continued dedication to that personal service that helped us grow to where we are today?’”

Founded in 2019 by Pantry with a staff of four, including himself, and an ambition to make mortgages easier to acquire and more competitive on interest rates by representing the client and letting lenders bid to provide the financing, Simplified Lending has grown to a 25-strong workforce and handled millions of dollars in transactions.

Affinity Insurance’s managing director, 25-year industry veteran Patrice Rolle, said of the acquisition: “I am excited about this new approach, looking at every case from a personal perspective as if we were standing in the shoes of the insured.

“Hurricane Dorian and COVID-19 have put a spotlight on the importance of having a back-up plan in the event the worst-case scenario occurs. We believe insurance is the best risk mitigation strategy to deal with life’s uncertainties.”

Mr Pantry said insurance provides a sense of security without which business would not be able to operate, and said the acquisition of the insurance agency has created extra jobs.

“The stronger you are, the more you can contribute to the economic pie,” said Mr Pantry, who spent nearly 20 years in commercial banking prior to launching Simplified Lending. “We demonstrated that in our hiring in recent months and we will soon start a recruitment drive to hire more individuals.”