THERE ARE LESSONS to be learnt from the current economic downturn which will be critical to ensuring the future success of businesses in Barbados.

This was stressed by Prime Minister David Thompson during a reception marking the 150th anniversary of Lynch Insurance Brokers Ltd at Mahogany Ridge, St James, last Saturday night.

"This [global crisis] will require a re-examination of business strategies to determine what new direction companies should pursue to maintian their viability," thew said.

Thompson said the approach of James A. Lynch, founder of Lynch Insurance Brokers, was one from which many could learn.

"His life shows he was a strategist, a man of vision who had a knack for always seeing the bigger picture.

"His success story is one that is refreshing, particularly at this time in our history as a nation when the world, including our country, is faced with an economic crisis perhaps on a wider scale than that of the 1850s."

Thompson reflected on the action taken by Lynch over the years to sustain his company's viability and take advantage of the opportunities presented, noting that the company had been forced to "refine its business plan or change direction altogether in light of changing circumstances".

James A. Lynch & Co. Ltd. was originally a merchant commissioner and commission agency, but with the addition of partners, ventured into other areas of business, adding insurance to its portfolio in 1859. The company closed its commission agency and became a full-fledged insurance brokerage in the 1970s. (GC)