Congratulating Pacifica Insurance Underwriters On Its 40th Anniversary
Mr. Speaker, forty years ago, Jose Camacho Tenorio, a visionary businessman of the Northern Mariana Islands, saw the need and the opportunity for a locally-owned insurance agency in our island community. In response, he founded Pacifica…
Mr. Speaker, forty years ago, Jose Camacho Tenorio, a visionary businessman of the Northern Mariana Islands, saw the need and the opportunity for a locally-owned insurance agency in our island community. In response, he founded Pacifica Insurance Underwriters.
1973 was an exciting time in our islands. The Covenant to Establish a Commonwealth of the Northern Mariana Islands in Political Union with the United States of America was in the midst of being negotiated. Commercial hotels were beginning to rise Japanese tourists and investors were just starting to appear on our shores.
Yet we were still very much in our economic infancy. Insurance coverage of any sort was difficult to obtain. Many individuals and many developing businesses did not even appreciate the value of insurance. Under these circumstances, I took great commitment and some courage to make the financial investment necessary to form Pacifica Insurance Underwriters.
The late Mr. Tenorio, affectionately known as ``Joeten,'' took up the challenge, and working with the family of a business associate, Pete Ada, Jr. of Guam, and with the Tokugoro Kuribayashi family of Japan, established Pacifica Insurance Underwriters and installed Joseph Screen, a former official of the Trust Territory of the Pacific Islands, as the company's first corporate executive.
Pacifica then teamed up with Tokio Marine & Nichido Fire Insurance Co., Ltd., a formidable Japanese insurer, and, as that company's general agent in the Northern Mariana Islands, began offering property and casualty, liability, and automobile insurance to businesses and individuals.
Over the years, Pacifica's business has grown: adding marine and workmen's compensation insurance, medical, dental, and vision plans, as well as term and whole life policies. Along the way, Pacifica entered into other general agency agreements with respected regional insurance companies Pacific Guardian Life and Century Insurance.
Throughout these four decades, Pacifica has lived up to the great responsibility of every insurer: Whether addressing a health issue, repairing a car, or recovering from natural or manmade disaster, when the need arises, they have been there for their customers.
In addition to writing thousands of policies annually across all lines of insurance, Pacifica has honored the legacy of its founders by becoming a valued corporate partner in our community. Still owned by its founding families and still run by Joeten's descendants, the company donates directly to schools, environmental groups, religious organizations, and other good causes. Pacifica makes substantial charitable donations through the Joeten Charitable Foundation. And its owners and employees individually lend their hands to a wide variety of community projects and events.
The Northern Mariana Islands has seen its share of economic highs and lows. In recent years, particularly, the insurance market has become more challenging, with increased competition, a decline in population, and a decreasing number of businesses. Through it all, Pacifica has remained consistent in its commitment to its employees, its customers, and our community.
We all feel proud when we witness a homegrown company with humble beginnings do well. So, please, join me in congratulating the owners and employees of Pacifica Insurance Underwriters on their fortieth anniversary, and in wishing them another forty years of success and growth.