Celebratory cheers and glasses raised in a champagne salute is how NAGICO Insurances (Bahamas) Limited ended their official company launch event last Thursday night, June 27, at the Balmoral Club.
NAGICO Bahamas is the newest and the 19th Caribbean territory in which NAGICO Insurances operate. Started over 31 years ago in St. Maarten, NAGICO is AM-Best rated and the largest privately-held general insurance company in the Caribbean. The group has total assets exceeding USD 170,000,000 and premium income in excess of USD 108,000,000. With equity topping USD 77,000,000, NAGICO undoubtedly presents one of the highest solvency and premium-to-equity ratios of any Caribbean insurer.
With a packed audience of dignitaries, agents, brokers and friends of NAGICO, the night began when co-host, Mr. Wendal Jones, welcomed young and talented JoPaul Scavella to led out in the National Anthem. This was followed by a prayer of blessing and dedication offered by Pastor Wilfred Adderley of the SDA Church. Managing Director of NAGICO Bahamas, Vibert Williams, energetically welcomed the attendees before handing over to local art collector, author and resident Director, Dawn Davies, who gave a brief, insightful synopsis of the NAGICO story. This was followed by remarks from the Chairman of the NAGICO Group of Companies, Mr. Michael Bishop, an internationally-acclaimed reinsurance expert, who expanded on previous comments stating that “NAGICO’s reinsurance program is second-to-none in the region”. Stating that NAGICO’s license was the first she signed since taking the post of Superintendent of The Insurance Commission of The Bahamas, Mrs. Michele Fields formally welcomed NAGICO into the local industry and challenged the company to be competitive, fair and responsive to its clients, compliant and cooperative with regulation and regulators and a good corporate citizen.
Mr. Stuart Tavares, Director of Tavares & Higgs Insurance Brokers, told the audience that Tavares & Higgs were proud to be NAGICO’s first representative in The Bahamas. He said that, after researching the company and meeting the Executive Team, the decision was ‘an easy one’ and that NAGICO is and will be a solid and viable option for his clients.
A mini documentary of the NAGICO growth and development was shown, highlighting the many challenges the company faced and overcame. These included major catastrophes – six hurricanes in five years, the volcanic devastation of Montserrat, earthquakes and devastating fires. The last presentation was from the CEO of NAGICO, Mr. Imran Amjad. His message focused on the core of the company, re-emphasizing that, although the company was growing and expanding faster than most of its competitors in the region, the vision was not to be the largest insurance company but to be ‘The most trusted insurance company in The Caribbean’. He went on to elaborate the ways the company went about gaining trust: by having the largest group of qualified insurance professionals and accountants than any other regional company; by meeting and exceeding the requirements of the myriad of regulators to whom NAGICO is accountable including the Dutch and French regulators; by being good corporate citizens in supporting education, youth, sports and culture throughout the region; by aligning itself with honest, professional intermediaries and by a firm and proven commitment to deal with claims, whether they occur from a single incident or from a catastrophe, will unmatched speed, fairness and efficiency. Citing examples of situations involving tens of thousands of claims from mega-storms like Hurricane Luis, Mr. Amjad proudly stated that “99% of all claims were settled within 4 months and that not one claim had to be settled by court order”.
Donations were made to the Center for the Deaf and to Hands for Hunger and door prizes were distributed. The ceremonial cutting of the cake and the champagne toast immediately preceded the vote of thanks done by Charlene Marshall, the local accountant, and the program ended with Rake and Scrape music, drinks and snacks and people mingling and enjoying and making history together – The NAGICO Way.
