New Board Chairman of Key Insurance, Rochelle Cameron.
February 28, 2025
Cameron takes over as chairman at Key Insurance
With the retirement of Don Wehby on February 14, 2025, attorney-at-law and businesswoman Rochelle Cameron was appointed to take over the role of chairman at Key Insurance Company Limited, effective immediately.
In a notice posted to the Jamaica Stock Exchange (JSE), company secretary for Key Insurance Kerry-Ann Heavens welcomed Cameron to the new role while commending Wehby for his exceptional leadership during the time he served as chairman with the general insurer.
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“The Board wishes to express its profound appreciation to Mr Wehby for his exceptional leadership, strategic guidance, and unwavering commitment to the company. His vision and contributions have been instrumental in driving the company’s growth and success over the past years.
“The Board also welcomes Ms Cameron to her new role and looks forward to her leadership in guiding the company’s continued progress,” the notice stated.
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Wehby, who made the personal decision to step back from corporate life in late 2024 for health-related reasons, served as the company’s chairman since 2020 following the purchase of majority shareholding by the GK Group for which he was the CEO. The company’s management, headed by General Manager Tammara Glaves-Hucey, in a separate thank you note, lauded the former chairman for his legacy and the lasting impact he has made on Key Insurance and the financial sector.
“As we close this chapter, we extend our heartfelt gratitude to Mr Don Wehby for five years of exceptional leadership as chairman of Key Insurance Limited. His vision, wisdom and steadfast support have shaped our success and inspired our team, beyond boardroom decisions, Mr Wehy has been a pillar of strength — leading with integrity, passion and excellence,” the noted read.
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Stepping into some big shoes, Cameron, who comes to the role armed with over two decades of leadership experience, is regarded as an influential business strategist. She is expected to further guide the company in its continued turnaround, especially at this juncture when it looks to embark on the next chapter of growth.
Key Insurance, once plagued by a series of financial woes, has since the time of its acquisition by the GK Group embarked on an impressive turnaround strategy aimed at driving profitability and sustained long-term growth for the over-40-year-old company. Having managed to deliver on this objective in a short span of time, the company now comfortably continues to deliver increased value for shareholders.
Up to the end of the nine-month period ended September 30, 2024, revenue for the company stood at $2.3 billion, almost 15 per cent above that of the same period for the previous year. The growth, driven primarily by steady premium gains in the motor portfolio, accounted for approximately 65 per cent of total insurance revenue. Net profit for the period also climbed $24.2 per cent to total $50.2 million.
“Despite a challenging economic climate — with increased motor claims, falling interest rates, and an active hurricane season, our Q3 [quarter three] performance underscores the Company’s resilience and strong growth potential. We are positioned to face market challenges head-on with continuous assessments of our motor and non-motor portfolios to identify opportunities for optimising operational efficiency and increasing profitability,” the company’s director said in the interim report to shareholders.
“KEY continues to place high importance on managing risks, identifying growth opportunities, enhancing the customers’ experience, while staying attuned to market trends. Our priority is to deliver shareholder value and foster sustainable growth that benefits all stakeholders,” they further noted.
