The Hand-in-Hand Mutual Fire Insurance Company Limited is living testimony that there’s a silver lining behind every dark cloud. In 1864 Georgetown was a rapidly expanding wooden city; as such, the fear of fire was always present. Unfortunately, that fear was realized when two disastrous fires occurred on April 3rd and July 4th; crippling the commercial area of Georgetown which would amount to approximately one billion dollars in losses at present day value. As a result, expatriate companies decided to double their already expensive premium rates of 3% to 6% of the sum insured.
Consequently, a group of local businessmen collaborated and established The Hand In Hand Mutual Fire Insurance Company Limited on October 25th 1865, although the first policy was issued six days before. However, expatriate businesses refused to insure with Hand In Hand for the first five years. Monies were raised for social activities and mortgages were granted, which provided individual relief. Millions of dollars remained in Guyana as an alternative method of investment was utilized.
On August 10th 1878, the foundation stone was laid at the north east corner of the company’s greatest achievements: the Head Office building. The building enhanced the beauty of Georgetown. To this date, some of the original furniture still remains in the Boardroom. Similarly, additional office space was constructed during the 1970’s; and in 1984 a new building was completed, adjoining the original, at the corner of Robb Street and the Avenue of the Republic.
The Company survived three great fires: the Werk-en-Rust fire of 1913, the Georgetown fire of 1945 and the 1962 fires precipitated by riots. After the 1945 fire, the company made no profits and entered into reinsurance treaties with overseas reinsurers. Nevertheless, the company has managed to grow significantly; from just four employees in 1879 to over 150 employees currently and eighteen offices throughout Guyana.
In order to maintain its innovativeness and lead the insurance industry, the Company accepted fire and general insurance from all diverse groups without any biasness. In the 1870s before the company reinsured and only provided coverage for a limited number of risks per block, the Board considered the formation of the British Guiana and Trinidad Mutual Fire Insurance Company in 1880 and the Demerara Mutual Life Assurance Company in 1891. Those companies were formed by some of Hand In Hand Directors with the expectation that they would fulfill the demands of an expanding market. However, On June 23rd, 1966 Hand-in-Hand inaugurated a new Life Company as an independent and fully owned subsidiary to coincide with the country’s Independence.
In 1992 the Company entered both the Motor Insurance and Marine Insurance markets. In 1999, the Company purchased majority shares in The Guyana Cooperative Insurance Service (GCIS) and in 2002, The GNCB Trust Company.
The Hand-in-Hand Mutual Fire Insurance Company Ltd is solely mutual which means that our company is owned entirely by its policyholders and therefore does not have any shareholders.
The Hand In Hand Mutual Fire Insurance Company Limited is the longest established property insurer in Guyana and is the founding member of the Hand In Hand Group of Companies which comprises:
