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NAGICO Insurances, the largest privately owned General Insurance company in the Caribbean, is pleased to announce that definitive agreement has been reached between parties and Peak Reinsurance Company Limited (“Peak Re”) is to become its 100% owner, subject to regulatory approvals being received and other customary closing conditions being satisfied.

Since the initial investment by Peak Re in August 2016, NAGICO Insurances pursued growth opportunities and has expanded its life operations and footprint into the Eastern Caribbean region, and on the general insurance side it has continued to prove itself as a strong, reliable, and trusted group having paid nearly $1 billion in claims following three CAT-5 Hurricanes: Irma, Maria and Dorian which devastated the region.

The Management and Board of NAGICO Insurances are excited by the development. “The outlook for NAGICO Insurances is positive,” said Kyria Ali, Interim CEO and Chief Strategy & Development Officer. “This transaction, when concluded, would result in the group being a wholly owned subsidiary of an A.M. Best A- and Moody’s A3 rated global reinsurer with approximately $1.5 billion in equity, thereby further strengthening our profile and broadening our reach. In addition, our mutual desire to harness the power of technology and deliver exceptional service augurs well for our clients in the near term.”

Both NAGICO Insurances and Peak Re will focus now on ensuring that all the necessary requirements for regulatory approval and closing conditions are met.

LONDON, July 20, 2021 – Moody’s Analytics today announced that NAGICO Group (NAGICO), a composite insurance group serving 21 territories in the Caribbean, has chosen the Moody’s Analytics RiskIntegrity™ for IFRS 17 solution to help implement the new IFRS 17 accounting standard.

Designed to support the needs of actuaries, finance, and IT professionals, the RiskIntegrity for IFRS 17 solution delivers out-of-the-box capabilities in a single platform, offering NAGICO immediate access to the actuarial and accounting components required to transition to the new standard—particularly beneficial as the IFRS 17 implementation deadline nears.

Available as a software-as-a-service (SaaS) solution, it integrates seamlessly with an insurer’s existing infrastructure, connecting data, models, systems, and processes between actuarial and finance functions, facilitating collaboration across NAGICO’s IFRS 17 project team.

“It was important to us to be able to be in control of the IFRS 17 process, and be self-sufficient when we transition to the new accounting framework,” said Kyria Ali, Interim CEO at NAGICO Group. “The RiskIntegrity for IFRS 17 solution delivers the capabilities required— from both the actuarial and accounting standpoint—to enable us to confidently manage our IFRS 17 program and implement the standard.”

“Our knowledge and expertise of helping insurers to address new regulatory and accounting regimes is embedded in the solutions that we deliver to our customers,” said Christophe Burckbuchler, Managing Director at Moody’s Analytics. “We are committed to supporting the needs of local insurers in the Caribbean, and we look forward to working with NAGICO on its IFRS 17 project.”

About Moody’s Analytics
Moody’s Analytics provides financial intelligence and analytical tools to help business leaders make better, faster decisions. Our deep risk expertise, expansive information resources, and innovative application of technology help our clients confidently navigate an evolving marketplace. We are known for our industry-leading and award-winning solutions, made up of research, data, software, and professional services, assembled to deliver a seamless customer experience. We create confidence in thousands of organizations worldwide, with our commitment to excellence, open mindset approach, and focus on meeting customer needs. For more information about Moody’s Analytics, visit our website or connect with us on Twitter or LinkedIn.

Moody’s Analytics, Inc. is a subsidiary of Moody’s Corporation (NYSE: MCO). Moody’s Corporation reported revenue of $5.4 billion in 2020, employs approximately 11,500 people worldwide and maintains a presence in more than 40 countries.

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.

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NAGICO Insurances has partnered with Samaritan’s Purse, an International crisis response organization, to raise funds and ensure a coordinated approach toward providing relief specifically for the people of Bahamas.

On September 1st, the world watched in horror as Hurricane Dorian a category 5 storm relentlessly pounded the Bahamas, causing significant devastation and scores of fatalities in its wake as it slowly moved across Abaco and Grand Bahamas.

The NAGICO Group was deeply saddened by this and it is very personal for us as the Bahamas is one of our homes where our family: staff, clients and intermediaries reside.

After initial consultation with our local management, we committed to providing financial assistance which is being managed directly through our team in Nassau, Bahamas. In addition, given the tremendous outpouring of concern for the people of the affected islands and the many enquiries we have received regarding how our network can help, we are pleased to advise that we have partnered with Samaritan’s Purse to raise funds for Hurricane Dorian relief efforts. You can help by making a donation at https://fundraise.samaritanspurse.org/NAGICO-Insurances.

If you can’t make a donation at this point, you can still help this cause on behalf of the people of Bahamas by sharing this page on your social media platforms or by sending an e-mail to family or friends that you think might be interested in contributing and include a link to our page.

Samaritan’s Purse specializes in meeting critical needs for victims of conflict, disaster, famine, and epidemics throughout the world. They provide food, water, shelter, medicine, and other assistance. Some of their recent work was done in St. Maarten Maarten/St. Martin and Dominica where they provided relief following Hurricanes Irma & Maria.

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“According to the late great Nelson Mandela, ‘No country can really develop unless its citizens are educated.’ Nagico Insurances is well aware of this and spares little to support the development of the young minds of the Virgin Islands.”

This was stated by Customer Service and Sales Representative for the Nagico Insurances’ Virgin Gorda Branch, Susanna Ophelia, during a presentation of an EPSON PowerLite Wireless Projector to the Virgin Gorda Branch of the H. Lavity Stoutt Community College (HLSCC) on Thursday March 7, 2019.

The HLSCC Virgin Gorda Centre had lost its projectors, among other equipment, during the devastating hurricanes of September 2017.

One of the benefactors of Nagico Insurances’ community mindedness has always been the H. Lavity Stoutt Community College (HLSCC).

As recently as January, Nagico Insurances donated a dozen of the recently launched book titled, “Nursing In The Virgin Islands: A Historical Perspective (1920-2017)” to the H. Lavity Stoutt Community College (HLSCC) in Paraquita Bay. This book was the work of local author and medical professional Norma M. Benjamin.

Back in December, Nagico Insurances was a main sponsor of the college’s fundraiser dubbed ‘Jam for a Cause’.

“And we were delighted to be given an opportunity by Dr Steve Lennard to make a presentation to the HLSCC’s Virgin Gorda Centre. We trust this piece of equipment, an EPSON PowerLite Wireless Projector, would assist the college to creatively deliver some of the programmes offered,” Ms Ophelia remarked.

On hand to receive the donation was President of HLSCC Mrs Judith Vanterpool, who expressed gratitude for the continued support by Nagico Insurances.

Director of the HLSCC Virgin Gorda Centre Dr Steve Lennard also had words of appreciation for the needed equipment.

“We lost all the projectors we had during the hurricanes. We would normally use them for business classes, computer courses and so on. The donation is so much appreciated. Our IT guys are very excited about it as well. It is a very good brand,” Dr Lennard stated.

Meanwhile, Ms Ophelia encouraged other businesses to also reach out the HLSCC Virgin Gorda Centre, as well as other educational institutions still rebuilding following the catastrophic hurricanes of September 2017.

It was last October, during Teachers Appreciation Week, that Nagico Insurances BVI expressed its gratitude for teachers of Ciboney Centre for Excellence on Virgin Gorda with a donation of office furniture and equipment.

 

Photo Caption: Customer Service and Sales Representative for Nagico Insurances’ Virgin Gorda Branch, Ms Susanna Ophelia (left) presents an EPSON PowerLite Wireless Projector to President of H. Lavity Stoutt Community College (HLSCC) Mrs Judith Vanterpool.