AME Reinsurance Company
Board of directors meet;
company dully constituted

By Reverend John Fisher
Editor, Publisher A.M.E. Today

From left: Bishop Cornal Garnett Henning, Bishop John Hurst Adams, the Honorable Alex Scott (Acting Premier and Minister of Works & Engineering of Bermuda), Bishop Philip R. Cousin Sr., Brother Nalton S. Brangman and Rev. Dr. Leonard M. Santucci at the initial board meeting of AME Reinsurance in Bermuda.

AME Reinsurance LTD. came one step closer Friday, to fulfilling the dream of providing insurance coverage for the denomination that brought it into existence.

The fledgling insurance company held its first Board of Directors meeting Friday in Bermuda to duly constitute the organization that was incorporated a week ago in Bermuda.

 AME Reinsurance is a captive insurance company, which means it is wholly owned and operated by the African Methodist Episcopal Church, with the founding and driving purpose of covering the insurance needs of the African Methodist Episcopal Church.  Once a few more hurdles are cleared, the A.M.E. Church will be able to internalize their insurance purchasing and keep these insurance dollars within the church.  Captive Insurance is used by many large companies and organizations and now the A.M.E. Church joins these ranks. (For more information on the founding of AME Reinsurance Ltd [GO] )

Bishop Philip R. Cousin Sr. , Presiding Prelate of the 4th Episcopal District and a major backer of self-insuring, is the chairman of the new company. 

The Rev. Dr. Leonard Santucci, is the provisional
secretary to the new company, and Nalton Brangman is the provisional vice chairman of  AME Reinsurance Ltd.

Brangman in  a recent communication labeled the initial meeting a major success. It was held in the offices of  Marsh McLennan, a company based in Hamilton, Bermuda, that is renown as an international specialist in managing insurance companies,  and which will manage AME Reinsurance Ltd. 

"I write to you this morning thanking God that the work was well done. We had Bishops Henning, Adams and Cousin here yesterday but unfortunately Bishop Belin was unable to make it. The company is now properly constituted and we can now prepare to proceed the the world insurance marketplace to do the Church's business better than ever in its history.," Brangman explained.

 "The next step is to prepare the Church's portfolio into the Captive's Program. This step requires us to gain approval from the Insurance Regulatory Commission so as to be in compliance with Bermuda and U.S. Law.," he continued. 

Brangman said, "Once completed we will then be ready to take the African Methodist Episcopal Church Portfolio to the marketplace to negotiate the kind of programs and prices that will start the major savings our Church both needs and deserves. "

Word already has spread about the A.M.E. Church's entry into the insurance market.

"Already from the Corporate rooms of Front Street Bermuda to Wall Street in The United States the level of respect for our Church has sky-rocketed. We are receiving offers to do business with major business players around the world.," Brangman said. 

"We will need the prayers and faithful trust of all of our members as we proceed through this final phase before market. To God Be The Glory for the Great Things He is still Doing," Brangman concluded.

Brangman said AME Reinsurance Ltd. will be preparing a formal presentation about the company that will be shared for publication with A.M.E. Today.