IronRock Insurance is now the new tenant at 33 1/2 Hope Road, the former home of embattled investment brokerage house SSL. (Photo: Naphtali Junior)
IronRock takes over former SSL building
Watt promoted to CEO; Thwaites steps back and will provide guidance
Now in its 10th year of operation, insurance company IronRock Limited is actively making way for future growth as it relocates to 33½ Hope Road, hoping to take advantage of a much larger office space once occupied by embattled investment brokerage house Stocks and Securities Limited (SSL).
In an interview with the Jamaica Observer on Wednesday, IronRock’s newly appointed CEO Christian Watt said the new office — nearly 3,600 square feet larger than the company’s previous Braemar Road location — is expected to offer the general insurer a more spacious, central, and modern environment that will serve its clients more effectively.
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“We officially moved in on March 31, and we’re very excited about the move. It’s our 10th year in business, and we’re doing well. We needed the space to expand our operations and to accommodate more customers and staff. The building is beautiful, offering two and a half times the space we had before, so it’s a significant improvement that will support our growth plans in the years to come,” Watt further told BusinessWeek.
Despite some chatter relating to the building’s previous occupant, Watt downplayed concerns about any potential stigma, asserting IronRock as a wholly separate company, having a very different business model and leadership.
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“The building doesn’t have a bad past, the previous occupant did. It’s a private lease that we have with the owners of the building, which has nothing to do with SSL, which, like us, was just a tenant, having no involvement or ownership of the building. They have now moved out and we are now in, so it’s now the IronRock building. With this prime piece of real estate we hope to serve our clients well, offering them more specialised products as we move forward with our growth plans,” Watt said.
Underscoring the need to have a fully self-contained building, Watt said that IronRock’s securing of the space was part of a strategic move aimed at helping the insurance company prioritise risks and ensure business continuity, especially during times of national disasters.
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“With an influx of multi-storey commercial complexes going up across the Corporate Area, it would have been nice to occupy a floor, but when it comes to disaster recovery, this will have to be shared with other tenants. With this self-contained building, we will be better able to manage our own facility, being better able to respond to our customers when they need it most. So if a hurricane hits and we have 10,000 clients with damage, we can operate quicker without having to wait on 20 other neighbours to decide on a course of action. We are, therefore, very happy to have secured this building,” he stated.
“Before we gained access there was a deal on the building, but we had not considered it, despite looking for a new space for some months. My understanding was that there was a restaurant looking at it, but when our real estate agent told us that deal fell through and the building became available, we decided to move ahead to struck while the iron was hot,” Watt shared.
The junior market-listed company, upbeat about its next phase of growth, recently underwent a few management changes, much of which align with its transition to the new location. Watt’s appointment as CEO, effective April 1, follows his tenure as general manager of marketing and production, a role he held since 2017. As CEO, he is, however, expected to build on IronRock’s strategic vision and commitment to the general insurance industry.
Meanwhile, former Managing Director Evan Thwaites will transition to the role of executive director, which will see him provide guidance and oversight at the board level, leveraging his decades of experience as the company moves into its next growth phase.
Despite a few challenges last year, which included a short-lived cyberattack and a Jamaica Stock Exchange (JSE) suspension, Watt said the company, having implemented a robust IT infrastructure and a new accounting system to navigate the requirements of the new IFRS17 standard, remains on track to deliver stronger performances in the coming years. Aided by the efforts of its 18-member staff, the CEO is expecting the company to do well.
At the end of 2024 IronRock’s revenues amounted to $1.75 billion, growing 26 per cent above the previous year despite increased expenses fuelled by higher reinsurance and some administrative costs. Yearly profit despite a marginal decrease totalled $72.6 million.
With the company’s business remaining heavily focused on the commercial insurance market, the CEO said the focus is to ramp up operations in this area while exerting greater force on the motor portfolio as it positions to offset stronger growth in the retail space. Additionally, more attention, Watt said, will also be given to digitisation as IronRock looks to welcome increased usage of its online platforms to facilitate renewals and manage policies.
“We believe we’ve laid a solid foundation for the future. Insurance relies on a strong base, and we’ve spent the first 10 years building that. Our current goal is to leverage that foundation, recruit additional personnel for key positions, and drive strong revenue growth in the years ahead,” Watt said.
WATT… we’re very excited about the move; we needed the space to expand our operations and to accommodate more customers and staff
