Author: Zainab Bhatia

NAGICO’s leadership in catastrophe claims management affirmed as voted #1 insurance company for the 12th year in a row in St. Maarten.

Philipsburg, Sint Maarten – February 7, 2019 – NAGICO Insurances, a diversified insurance group serving 21 territories in the Caribbean, is proud to announce that it’s Long-Term Issuer Credit Rating has been upgraded to bbb+ by A.M. Best.

A.M. Best’s Rating Services evaluated both the financial and non-financial risks within NAGICO’s business and in its press release earlier today, A.M. Best stated that, “the ratings of NAGICO Group reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.” As it relates to the Group’s financial strength, A.M. Best stated “The very strong balance sheet strength assessment is based on supportive risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio, which is at the strongest level following a quick recovery from the impact of hurricanes Irma and Maria in 2017.”

“We are very proud to have earned this upgrade from A.M. Best. The upgrade signifies the agency’s recognition of our ability to effectively manage and withstand the worst of catastrophes and reflects their confidence in our management team, operations, financial strength and stability,” NAGICO Chairman Imran McSood Amjad said.

Further affirming NAGICO’s leadership in catastrophe management and service, NAGICO was voted the #1 insurance company for the 12th year in a row in St. Maarten, based on a survey conducted by St. Maarten-based newspaper The Daily Herald, a leading daily newspaper serving St. Maarten and the Northeast Caribbean.

“The customer experience and our ability to deliver on our promises are of paramount importance to us. Our team worked passionately and tirelessly to serve our clients after the hurricanes devastated the islands in 2017, so it was very humbling and heartwarming to be awarded Best Insurer in St. Maarten by the public as it reflected the level of appreciation of our efforts.” said Detlef Hooyboer, NAGICO’s Chief Executive Officer. “We believe that the rating upgrade from A.M. Best coupled with the Best Insurer title in St. Maarten is very much aligned with our core values: Strength, Stability and Service.” More information on the rating can be viewed at www.ambest.com.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

About NAGICO Group

The NAGICO Group was established in 1982 and is well established across 21 territories in the Caribbean, providing property and casualty insurance, life and health insurance and risk solutions to customers. To learn more about NAGICO, visit www.nagico.com.

You can find the full press release published by AM Best here

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Founded in 1982, The NAGICO Group has grown strategically and organically throughout the Caribbean where it now operates within 21 territories.  The company offers a family of property and casualty insurance – Property, Motor, Marine, Liability – as well as life & health products and risk solutions. NAGICO’s promise and commitment from day one has been to deliver fast and fair service to its customers and to always be there for them; a promise it delivered on historically, most recently after Hurricanes Irma and Maria and continues to keep daily. 13 of the islands within which NAGICO operates were impacted by the hurricanes and NAGICO has paid nearly ¾ billion USD in the Caribbean region to date, significantly contributing to the rebuilding process. NAGICO also continues to empower communities through corporate sponsorships. NAGICO is a caring, financially strong, reliable and resilient group.

With a keen understanding of the dynamics within the Caribbean, an exceptional management team and trained staff, combined with the strong professional intermediary network it has developed, NAGICO offers a distinct advantage to its customers. This is evidenced by NAGICO being a preferred provider in the Caribbean and its #1 insurance brand ranking across many of the islands.

It took the four men 40 days, almost 1,000 hours rowing, nearly 1 million calories, 700 litres of water, 52,000 watts of solar power, unimaginable inner strength

 

 

It took the four men 40 days, almost 1,000 hours rowing, nearly 1 million calories, 700 litres of water, 52,000 watts of solar power, unimaginable inner strength and a large dose of humour to row the 3,000 miles, unsupported, from the Canaries to the Caribbean island of Antigua.

The distinctive green NAGICO branded ocean rowing boat, Ellida, rowed into English Harbour at 22 January 2019 at 7am , to complete the Talisker Whisky Atlantic Challenge in sixth place, taking 40 days, 23 hours and 33 minutes.

The sinewy, tanned and bearded men were given an emotional, rousing welcome from their families and over 100 supporters and friends of NAGICO Insurances clients, partners and local supporters who came out to welcome the team home.

NAGICO’s Chairman Imran McSood Amjad greeted the team as they stepped off the boat: “We are very proud to be associated with Atlantic Discovery. These men have embraced the extreme hardships they have faced at sea and found the strength to triumph. Their resilience and teamwork is commendable – I consider Ben, Cam, Isaac and Jack to be part of the NAGICO family.”

“It is also an honour for me to symbolically countersign the Excess of Loss Treaty between NAGICO Group and Swiss Re which Cameron Parker signed in the mid-Atlantic in a world first on behalf of Swiss Re.” Cameron Parker is Captain of the rowing team and Head P&C Structured Solutions Continental Europe at Swiss Re.

Cameron said that the moment of arriving in Antigua to meet Mac, Kyria and the NAGICO team was what he had been looking forward to most. “The journey was the toughest challenge each of us has ever done. We’ve learned a great deal about ourselves as individuals, and as a team. What motivated us on the row is all the support we have received from everyone. Messages, encouragement and donations – this has been the fuel that has kept us going. We wanted to make you all proud and celebrate with you at the finish.”

The team did the row to raise £60K (USD 80K) for Multiple Sclerosis (MS), which affects 2.5 million people worldwide.  Ben’s mother Rose was diagnosed with MS while her son was still at school.  “My mum has lived with MS for 18 years. Every day is a frustrating struggle, yet she overcomes her symptoms with sheer determination and grit.  She has taught me that one grows as a person by overcoming adversity.  I reminded myself during the row that no matter the challenges we faced, my mum’s journey has been even more difficult.”

Finishing this race means that the team will receive promised donations to their chosen charities from the Hiscox Foundation, Lyme Bay Consulting and a personal donation from Kyria Ali, Group Chief Strategy and Development Officer and the staff of NAGICO, boosting funds raised so far to £24,000 (USD 31,200).

“We are truly proud of Team Atlantic Discovery – what they have accomplished is no easy feat and is quite frankly, awe inspiring. They have demonstrated how ordinary people can do extraordinary things and reminded us all of the power of humanity. Our staff in all 21 territories closely followed the team’s journey. We are honored to have been a part of this amazing story and created history as well with Swiss Re.” said Kyria Ali, NAGICO’s Chief Strategy and Development Officer.

Donations continue to be accepted and the team hope to reach their target in the next few weeks.

The remaining 21 ocean-rowing vessels are still to complete the Talisker Whisky Atlantic Challenge over the next few weeks.

LOCATION Philipsburg – January 7, 2019 – NAGICO Group announced today the symbolic signing at sea of the Excess of Loss Treaty, negotiated and renewed by NAGICO Group and Swiss Re in the traditional way, which became effective on 1 January 2019. Signing the treaty confirms mutual commitment in the face of potential catastrophic events.

Head P&C Structured Solutions Continental Europe at Swiss Re and captain of the four-man rowing team Atlantic Discovery, Cameron Parker, combined business with an extreme endurance ocean row. He signed the treaty on board the NAGICO Group-sponsored ocean rowing boat as the team continues their grueling 40-day journey down the hurricane development track towards the Caribbean.

When Cameron and his team members arrive at land, NAGICO’s Chairman Imran McSood Amjad will countersign the Treaty on NAGICO’s behalf, reaffirming and strengthening the company’s decades-long partnership with Swiss Re, one of the world’s leading providers of reinsurance.

“We are honored to partner with Swiss Re to provide comprehensive protection for our customers across the Caribbean,” said NAGICO Group Chief Strategy and Development Officer Kyria Ali. “Our relationship with Swiss Re has continued to strengthen with each passing year and the level of respect, trust and confidence that both parties have in each other remain extremely high.”

NAGICO’s reinsurance program provides protection from not only catastrophic events, but also smaller weather-related events and a wide range of other perils that would not trigger recovery from a traditional catastrophe reinsurance program. The program is a combination of Quota Share (QS) and Excess of Loss (XoL), carefully crafted and designed in line with the company’s risk appetite and desire to protect its capital and policyholder surplus.

Since the passage of hurricanes Irma and Maria in 2017, NAGICO’s reinsurers have made substantial reinsurance recovery payments to NAGICO, and NAGICOin turn has been steadily settling and paying its policyholder’s claims across the region.

Cameron said: “To me, this row represents a journey at the very extreme edge of possible; an unfiltered, raw experience, which will mean epic personal growth and make me a better person.”

At present, the Atlantic Discovery team has rowed 1,500 nautical miles, which puts them roughly halfway through their rigorous journey. The location of the boat is being tracked and can be found online.

His team is rowing 3,000 miles, unsupported, as part of the Talisker Whisky Atlantic Challenge to raise U.S. $80,000 for Multiple Sclerosis (MS), which affects 2.5 million people worldwide.

There are 27 vessels taking part in the challenge, representing 14 countries.  The total fleet of 86 rowers is expected to take between 40 and 60 days to complete the crossing.

 

 

Philipsburg, Sint Maarten – December 3, 2018 — National General Insurance Corporation (NAGICO), a diversified insurance company serving 21 territories in the Caribbean, offered employees an interactive training session about fraud prevention in conjunction with International Fraud Awareness Week on Friday, November 16^th.

The hour-long webinar focused on furthering employees’ roles as anti-fraud professionals by discussing amongst peers, executives and stakeholders the importance of fraud prevention to society as a whole. It was attended by over 200 NAGICO employees across all job functions and territories. The webinar was presented by Kyria Ali, Chief Strategy & Development Officer at NAGICO Group and Charlie Agtarap, Head of Internal Audit at NAGICO, both of whom hold the ACFE Certified Fraud Examiner designation.

“Incidences of fraud are increasing at a dramatic rate, making it ever more important to be proactive and address the issue head-on,” said Ms. Ali. “Educating our employees on fraud prevention best practices is a great way to protect our clients and other stakeholders.”

NAGICO was one of nearly 500 international organizations supporting the Association of Certified Fraud Examiners’ (ACFE) International Fraud Awareness Week 2018. ACFE estimates that the typical organization loses five percent of annual revenues to fraud. Additionally, it found that organizations lacking anti-fraud controls suffered losses twice as much as those with fraud controls.

Ms. Ali added: “Given the extensive cost of fraud globally each year, it is increasingly important for organizations to provide employees and the greater community with knowledge of the serious threat and proven methods to thwart it.”

About NAGICO Group
Founded in 1982, The NAGICO Group provides a variety of property and casualty as well as life and health products and risk solutions to its customers throughout the Caribbean. The company’s risk adjusted capital is at the strongest level as per AM Best’s Capital Adequacy Rating Guidelines. Headquartered in Philipsburg, Sint Maarten, the company is one of the leading insurers in the region. To learn more about NAGICO, visit www.nagico.com.

About The Association of Certified Fraud Examiners
Based in Austin, Texas, the ACFE is the world’s largest anti-fraud organization and premier provider of anti-fraud training and education. Together with more than 80,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession. For more information, visit ACFE.com.

Philipsburg, Sint Maarten – October 23, 2018 — National General Insurance Corporation (NAGICO), a diversified insurance company serving 21 territories in the Caribbean, has joined the Carnegie Council in celebrating Global Ethics Day 2018 on October 17th, 2018.
Inspired by Earth Day and founded by Carnegie Council for Ethics in International Affairs in 2014, Global Ethics Day is a global teach-in and an opportunity for institutions to explore the role of ethics in a globalized world. In 2017, over 60 organizations and individuals from 31 countries on five continents participated.
“Given our role as the insurance company with the largest footprint in the Caribbean, we recognize the importance of strong ethics and values in every function of our business,” said Kyria Ali, Chief Strategy & Development Officer at NAGICO Group. “Global Ethics Day is a worthwhile initiative, as it gives our team a day to reflect on the ethical issues that matter most to us: integrity, responsibility and resilience.”
In honor of Global Ethics Day, Ms. Ali and Arnold King, Head of Risk Management and Compliance at NAGICO, held a training session for employees across their 21 territories on ethics in business. They also shared a variety of materials related to ethical business and leadership and encouraged staff, customers and the general public to share their thoughts on what ethical issues mattered most to them and what an ethical world would like; the feedback was strong and very thought-provoking.
“We are very pleased to have taken the time to get the discussion on this subject matter going in the Caribbean region.” said Mr. King.
About NAGICO Group
Founded in 1982, The NAGICO Group provides a variety of property and casualty as well as life and health products and risk solutions to its customers throughout the Caribbean. The company’s risk-adjusted capital is at the strongest level as per AM Best’s Capital Adequacy Rating Guidelines. Headquartered in Philipsburg, Sint Maarten, the company is one of the strongest insurers in the region. To learn more about NAGICO, visit www.nagico.com.
About Carnegie Council
Founded by Andrew Carnegie in 1914, Carnegie Council for Ethics in International Affairs is an educational, nonprofit, nonpartisan organization that produces lectures, publications, and multimedia materials on the ethical challenges of living in a globalized world. Go to https://www.carnegiecouncil.org/

In light of the many natural disasters (hurricanes, flash floods, earthquakes & fires) which plagued many of our territories in the recent past, our newsletter highlights some of the many ways NAGICO through its local operations in the various territories have been helping to rebuild and restore through our donations, sponsorships, and volunteer projects.

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Anchored by unprecedented hurricanes in Irma and Maria, 2017 has redefined the insurance landscape in the Caribbean. 

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Anchored by unprecedented hurricanes in Irma and Maria, 2017 has redefined the insurance landscape in the Caribbean. 

Check our newsletter below