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NAGICO INSURANCES
ANNUAL REPORT

2021

Contents

Equity

USD 74.7M

Assets

Nearly USD 450M

GWP

> USD 210M

About Us

The NAGICO group has been in existence since 1982 and provides a myriad of property and casualty as well as life and health insurance risk solutions to its customers, who are situated throughout the Caribbean.

We are a dynamic and versatile group.

Through an exceptional understanding of the insurance business, its customers’ needs and the environment within which they operate, as well as its outstanding claim settlement record, NAGICO is recognized as a knowledgeable and trustworthy insurer and a market leader in the region. NAGICO proudly attributes its success, ultimately, to the excellent support of its reliable and friendly staff, qualified and experienced intermediaries, and very strong reinsurance partners.

In 2016, the NAGICO Group became a member of the Fosun Group, which has in excess of $25 billion in equity, when Peak Reinsurance Company Limited, an A- Excellent rated company, became a shareholder of the NAGICO Group; this further enhanced NAGICO’s financial strength.

Chairman's Statement

“FORTY YEARS OF GROWTH AND TRANSFORMATION”

Nelson Mandela once said: “A winner is a dreamer who never gives up.”

NAGICO is exactly that, a winning company that never gives up. NAGICO started as a dream 40 years ago. A dream to become the first name in insurance on St. Maarten. Through its key stakeholders, NAGICO was able to invest and grow beyond the borders of Sint Maarten to become a regional insurance force to be reconned with. Throughout its history, the company has had to constantly adjust its strategy to meet the challenges of an ever-changing risk landscape and needs of the insured.

The year 2021 is no exception, as the company has embarked on further digitization of the insurances processes with a focus on key stakeholders, strengthening of management and the Board of Directors to meet the needs and challenges of tomorrow.

The fruit of the transformation is evident as Net Profit Before Taxes increased to US$ 701k over US$ (4,683) million in 2020. Comprehensive income improved to US$ 1,003 million, up from US$ (5,492) million in the previous year.

Gross Written Premiums continued to show steady growth and amounted to US$ 213.6 million up from US$ 212.2 million in 2020.

 

This is attributable to the strong relationships and loyalty that NAGICO has built over many years. Also noteworthy to mention, is the improvement in underwriting income of US$ 86.0 million compared to US$ 77.8 million in 2020. This is due to a better reinsurance program and management. 

NAGICO will continue the process of change, transformation and further strengthening with the soon to be completed full acquisition by Peak Re, an A- rated company by A.M. Best, which will usher in new opportunities for NAGICO in the not-too-distant future.

Whilst change is necessary, we will continue to foster good relations and community involvement, which are the cornerstones of our success. NAGICO has always found a way to adapt and to thrive, oftentimes under tough circumstances and it will continue to do so. We are confident that the investments in the corporate infrastructure and digital transformation of the company and its key stakeholders will continue to yield much fruit and will contribute to further strengthening of the company.

NAGICO will continue to dream, continue to transform, continue to adapt, continue to thrive, and continue to be leaders in our communities, offering a quality product that is fast, fair and most importantly, always there.

Our sincere thanks go out to our Shareholders, Directors, Management, Staff, Agents, Brokers, Reinsurers, Loss Adjusters, Regulators and our loyal policyholders for their continued trust and support of the company as we embark on another forty years of progress.

Marlon G. Matser

Kyria Ali

Interim CEO's Statement

"I am extremely proud of our NAGICO team for their hard work and dedication; they inspire me! "

TO OUR SHAREHOLDERS, BOARD OF DIRECTORS, COLLEAGUES AND CLIENTS,

2021 was another challenging year. Although everyone would have hoped for the pandemic to be behind us in 2021, we remained shackled by Covid-19 restrictions and outbreaks for most of the year and thus continued to wade through the economic crisis. However, having had time to reflect on the lessons learned in and successes of 2020, the NAGICO Group was ready to carry forward the momentum and accelerate its transformation.

The insurance landscape has changed, and it continues to change by the day, driven in large part by continued technological innovation. The needs, wants and expectations of customers have also evolved, in large part due to Covid-19 and again technological advancement. The table stakes in the insurance industry have consequently changed and as such NAGICO’s leadership, being cognizant of this, dedicated the 2021 year to investment in its infrastructure.

INVESTING FOR THE FUTURE

We committed to an enterprise-wide focus and five critical areas for 2021, as we progressed on our business transformation journey: 

Each of these projects were mission critical for our group, and the team understanding the importance of, and the value add associated with their efforts, pushed themselves to deliver and achieve the aggressive milestones set. It is in crisis that we see one’s true character and capabilities. We at NAGICO are no stranger to crisis management; this is what we do when disaster strikes. However, 2021 challenged our team on a different level and it brought out the best in us as we worked as a unit, leveraging our regional expertise through cross-border collaborations. I am extremely proud of our NAGICO team for their hard work and dedication; they inspire me!

GROWTH DESPITE THE CHALLENGES

The NAGICO Group’s results reflect an increase in its total equity from the prior year. This is wholly the result of the combined efforts of all the islands within our chain and particularly our life operations, which performed exceptionally. This overall result was not achieved without some challenges though. Clear targets were set, after healthy debate, for all aspects of our business and committed to by our corporate function leaders and each territory lead. The same process was undertaken with our intermediaries and together with our teams we made calculated decisions, implemented change, and persevered in a very hard and intensely competitive market. We delivered overall higher revenues and a 31% improvement in our net underwriting income when compared to the prior year.

Our investment performance was also commendable, especially given the challenging economic environment and rigid regulatory framework within which we had to operate. Through improved investment and treasury management processes and decision making, we also increased our investment assets by ~12% from the prior year.

2021 also saw us complete a life portfolio acquisition transaction in the Eastern Caribbean as we continued to press ahead with our growth strategy for life and health business. The life group’s total assets increased by ~33% due to several factors including inter alia the portfolio acquisition, improved modelling of policyholder reserves, increases in global interest rates, and improvements in the overall expected yield and duration of our investment portfolio.

As a group, we continued to focus on our balance sheet strength, value proposition and investment in our infrastructure to support our long-term success. In 2020, despite the pandemic, we took a decision and made a commitment to our staff with respect to the security of their jobs and salaries. Despite another Covid-19 impacted year, we maintained this decision and I can easily say we have no regrets. We have no doubt been pressure-tested and the result is out: We have much to be proud of! We were agile, we were dynamic, and we ended 2021 operationally stronger, financially stronger and with a more united team.

 

PASSION AND PURPOSE

At NAGICO, we view the insurance industry as a purposeful one and we are fueled by passion! A passion to serve, a passion to protect, a passion to restore, a passion to develop and a passion to truly be there for our clients at the different stages of their lives. Clients choose NAGICO and its intermediaries not only for our products and price but more so because of our people, the relationships built over the years and the confidence and trust they have in us. We are a people business, and this is core to our culture.

Also near and dear to our heart are the communities within which we operate. Two years of the impact of Covid-19 on our business and region significantly impaired our ability to invest in our communities as heavily as we have done in the past, and in the ways we did previously. However, in 2021 we engaged in many meaningful initiatives surrounding our core pillars: health, education, youth, sport and culture. These initiatives included programs that addressed mental health and wellness, breast cancer awareness, return to school safety, youth football talent showcase which led to a child securing a scholarship, steel pan in-school classes and food drives. We remain firmly rooted in the Caribbean and in the communities we serve.

THE JOURNEY CONTINUES

NAGICO celebrates its 40th anniversary as a group in 2022 and at the end of 2021, just shy of that 40th year milestone, I am extremely pleased to report that we have multiplied our total equity 1,000 times, from our inception in 1982 ($75k to $75m). NAGICO is a strong and formidable group and as we continue our transformation, we are investing to secure the next wave of success.

It has been an honour and privilege to have been the Interim CEO this past year and to have led the NAGICO group alongside and with the support of the Board of Directors, my fellow C-Suite Executives, Functional and Territory Heads and also with the support, trust and confidence of the great people that are the DNA of our group: our management, staff and intermediaries. Thank you to each of you. It was a challenging but very fulfilling year.

I would also like to express my gratitude to our clients for their continued trust in us. We know that you have a choice, and we appreciate that you select us.

Finally, I would like to express a heartfelt thank you to the Shareholders who appointed me and the regulators across our 21 territories that approved me to lead the NAGICO group at a critical point in its life cycle. It is your trust and confidence that enabled the transformation that has begun.

The future of NAGICO is exciting, but if history has taught us anything, it will not be without challenges. However, as proven year over year, we are a capable group with many talented individuals and a robust and enviable intermediary network; we remain ready. 

Sincerely,



Kyria Ali
Interim CEO

 

2021 Financial Highlights

Select from the below to view additional 2021 financial information

Business Analysis

“The table stakes in the insurance industry have changed and as such, NAGICO dedicated the 2021 year to investment in its infrastructure.”

NAGICO is a dynamic and versatile group with a long-standing operating history in the Dutch, French and English-speaking Caribbean. It provides a combination of life and health and property and casualty insurance risk solutions. “The table stakes in the insurance industry have changed and as such, NAGICO dedicated the 2021 year to investment in its infrastructure.” This saw the NAGICO group reshape itself and start transitioning to another dimension.

A solid life insurer transitioning from its current boutique style

The NAGICO Life Group of Companies (“NAGICO Life”) generated favourable financial results in 2021 despite the challenges of the Covid-19 pandemic. Equity increased from US$ 7.5 million (re-stated to US$ 9.3 million as at December 31, 2020) to US$ 13.30 million; premium income increased from US$ 10.5 million to US$ 11.7 million; and total assets increased from USD 52.8 million to US$ 70 million.

Despite a reduction in public mobility with the imposition of several pandemic-related lockdowns, NAGICO Life continued to provide our customers and brokers with an exemplary level of service as our focus shifted to activities which maintained premium persistency levels and prompt claim settlements. We will actively continue to pursue service improvements by obtaining feedback from our customers across the region and incorporating the best ideas in our workflows, while ensuring that we continue to satisfy our regulatory requirements.

As indicated above, our investment portfolio has continued to develop with a high-quality suite of regional government bonds, US corporate bonds, real estate, employee mortgages, customer policy loans and regional bank deposits. Our expected, low-risk running yield allows us to continue to offer value-for-money products and services to our customers, while delivering a steady return on equity to our shareholders.

We are confident that our investment in infrastructure improvement, digital transformation and human capital will significantly enhance our service delivery, upgrade security and quality controls and improve all stakeholder reporting. We strengthened our actuarial capabilities by acquiring new software and engaging a new Appointed Actuary whose wealth of experience in the Caribbean region is second to none. We also invested heavily in software, processes and people to address the accounting standards IFRS 9 and 17, allowing us to be able to continue to deliver fully compliant financial statements when these standards become effective on 1 January 2023.

While the war in Ukraine presents unique challenges in relation to commodity shortages and the resulting escalated prices, we are optimistic that NAGICO Life will weather the storm and emerge as an even stronger entity.  As we direct our attention to 2022 and beyond, NAGICO Life will focus on longevity; growth and expansion; and continued stability.  The Caribbean remains underinsured with a need for higher levels of retirement savings and key-person insurance at both personal and corporate levels, presenting NAGICO Life with significant opportunities for growth.  Strategically, NAGICO Life provides the NAGICO Group of Companies with an opportunity to diversify our value-added products and services to the Caribbean.  We are confident in our ability to transition from a solid life insurer with its current boutique style and size to a socially responsible, regional powerhouse over the next decade.

Reshaping our core operations

2021 was another challenging year and only slightly less so than the prior year, simply because we had the benefit of a year of understanding how to operate within a Covid-19 environment. During 2021, the development and roll out of vaccinations and the continuation of other Covid-19 counter measures showed increasing positive effects, allowing the start of a gradual return to physical interactions and some degree of ‘normalcy’. However, the year was not without its challenges, as the original virus evolved over time bringing new variants of concern and frustrating plans to discontinue the Covid-19 restrictions which had been implemented.

As the Covid-19 restrictions became less onerous during the year, and the effects of infection more manageable, the region’s reopening gained traction. We noted an increase in tourism in the islands and this contributed positively both from a morale and confidence perspective and provided a needed economic boost in the islands, which also had a similar knock-on effect on the NAGICO group’s portfolio retention and annual production.

In 2021 we really challenged our team: our staff, agents and brokers. We shared our revised underwriting plans and objectives; engaged with them, explaining our rationale and having discussions on relevant parameters; we set and agreed desired results; and we empowered them to deliver. The property and casualty gross premium result is directly attributable to their efforts, which is a product of the customers’ trust and confidence in them and our brand; while the growth in life premiums noted, was driven primarily by the portfolio acquisition that was concluded in 2021.

In the midst of the continued pandemic, our colleagues on the island of St. Vincent also dealt with the eruption of the La Soufriere volcano. And while this was the only major natural catastrophe to affect one of the territories in which NAGICO operates in 2021, we were not spared a brush with hurricane Elsa in St. Lucia and other shock losses that are an essential reason for our company’s existence; to accept the risks which our policyholders transfer to us. 

We are indeed especially proud that NAGICO has done exceptionally well to make good on its promise to its customers, delivering fair settlements which aid recovery and make our customers whole again. Reshaping the way in which we do business, in 2021 we employed more flexibility in our claims operations and invested in infrastructure improvements and digital transformation which will focus on the ease of doing business and improving the customer experience while increasing transparency in the process. We look forward to the continued journey of transformation to serve our customers better. 

The restructuring of our reinsurance Catastrophe program was another one of the big successes of the NAGICO group in 2021. The decisions taken in this regard, combined with the strategic review and revision of our underwriting appetite and daily monitoring of dashboards led to significant cost savings and improved underwriting performance. The level of transparency, risk acceptance culture and approach to decision making also improved within the business. There was a unified focus on sustainable profit and customer service. 

Customer service being front of mind, as we look to the future and being cognizant of the need for digital transformation, we commenced our journey in 2021, and are excited by what our new system will bring.

Digital Transformation

In a relatively short span of a few years, technology, and the use of technology in our everyday lives has transitioned from being a nice to have to an absolute necessity.  Internet and cloud services have become as necessary to businesses and their customers as the other traditional utilities like electricity.  Instant information and communication about products and services are no longer the service standards of the largest corporations but the bare minimum expectation of each customer of every business with which they interact.

NAGICO is no different and must rise to this challenge and embrace this new paradigm as the new normal and provide our customers with an experience that continuously exceeds their expectations.  NAGICO’s service must be the standard by which other companies in the industry measure their service and we see our technology roadmap as the main enabler to achieve this.

How will this benefit us?

As an organization, the adoption of new systems and technologies will undoubtedly result in transformation of many manual-based roles into meaningful and rewarding new jobs where noticeable value is created within and among teams to the eventual benefit of staff, customers, and shareholders alike.  Every step we take towards automation lowers our overall cost of administration and enhances our ability to scale up operations significantly without proportionate increases in cost which makes us a more agile entity to grow and nurture the business and cement our place as a leader in the industry.

Why are we doing this? Why is it necessary?

NAGICO’s ability to be an agile leader in the regional insurance space requires us to have a consolidated, robust, and stable technological platform through which we can serve our customers’ needs with a dynamic web and mobile presence, powerful and stable administration systems serving our customers, intermediaries and providers at every touchpoint giving them fast, fair, and reliable service whether they are at our offices or in the comfort of their own homes and offices. Such a platform allows NAGICO to respond to market opportunities by quickly deploying new products and services across all the territories in which we operate.

How will this be beneficial to our customers?

NAGICO’s future technological state will reduce the distance between customer and service to just a few clicks. Customers will have direct access to their real time policy information 24x7x365 through the mobile app and web portal as well as be able to generate quotes, renew their policies online, initiate motor claims electronically and a host of other features that would make it effortless to do business with NAGICO.

We are excited about the digital transformation journey that we have embarked on.

“We are very pleased to have worked with NAGICO in their digital transformation and modernization efforts. We applaud their strategic move which included changing their entire technological platform, moving their Insurance Core to the cloud and expediting their processes to achieve better performance, cost reduction, and more streamlined services for their customers.”

Luis Marrero
Managing Director Oracle Caribbean

Good governance and risk management remain high priorities

The pandemic continued to cast dark clouds over healthcare, economy, businesses, and people throughout the year. We developed new ways of communicating, interacting and transacting, and this was primarily through digital means. The regulatory environment continued to be demanding and regulators were keen to understand how their licensees were managing. Against this backdrop, NAGICO engaged in a number of projects, and governance, risk management and compliance were represented at the table.

In 2021, the NAGICO group concluded on RFP processes for two significant projects: the implementation of an end-to-end system which would digitally transform the business; and the selection of a consortium of professionals to assist the group with its IFRS 9 and 17 compliance initiatives. Good governance is extremely important for large scale and complex projects such as these and this was given attention from the onset. Charters, steering committees and working groups were established and the projects are being effectively managed. Roles, responsibilities and reporting lines were clearly defined, communicated and understood, and meetings were held and minuted, as is expected of an organization with an effective governance program.

Transparency and team were high on the agenda for NAGICO this year and this translated to increased trust, confidence and collaboration across functions and the group, and an overall improved operational performance.

Also high on the agenda was the 3 lines of defense (3LD). It was felt that although the 3LD model exists at NAGICO there was a need to engage in a refresher education drive. This initiative was executed jointly by the GRC and Internal Audit departments and supported by Executive leadership; it was well received by the staff and applauded by our regulators and boards.

A risk-based approach to auditing continues to be taken to ensure the appropriate areas are prioritized for review. Open lines of communication were maintained with regulators, the Audit Committee and management throughout the year. A constant focus on IT related risks and controls was continued and discussions have been ongoing with IT and Internal Audit, particularly on emerging risks such as cyber security. The internal audit team also raised awareness on the subject of fraud through interactive training sessions to ensure a fraud awareness culture is maintained throughout the group.

Checking the pulse

The demands on financial service institutions, from a compliance perspective continued to increase in 2021. Management recognized that to address some of these requirements, it would become necessary to invest in automation and technology. As a result, NAGICO’s GRC team dedicated time to revisit the group’s processes and tools and scoured the market to identify potential solutions. GRC is an area that the group continues to reassess and nurture. New risks continue to emerge, and additional standards, guidelines and legislation continue to be rolled out. As such, we consider it important to periodically conduct a ‘health check’ of our framework and implement improvements where necessary. NAGICO recently engaged an external independent, qualified and experienced service provider to assess the adequacy and quality of its GRC Framework and it scored > 95% overall when assessed against international standards and best practices such as ISO 37000 and ISO 31000. We continue to invest in what matters most.

Tackling Accounting Standard Changes

As far back as 1997 the International Accounting Standards Board (“IASB”) began work on a standard specific to insurance contracts. IFRS 4 was introduced in 2004 as an interim standard while work continued on a desired single framework which could be adopted by all insurers. This standard was initially published in 2017 as IFRS 17 and finalised in June 2020, initially for implementation in 2021 and subsequently revised to a 1 January 2023 implementation date.

The IASB maintains the key purposes for introducing IFRS 17 to the global market (excluding USA) include:

·         increased transparency around profitability

·         improved access to useful information

·         ability to compare results across different jurisdictions

·         results being more comparable with other industries – i.e. consistency in how life insurance revenue is treated. 

 

NAGICO commenced its IFRS 17 journey early and in 2021 developed and rolled out its implementation plan with a consortium of professionals to ensure that it would be compliant and self-sufficient in this regard by the standard implementation date. As a result of the grit and dedication of our team we have achieved the key milestones set to date.

NAGICO is a complex multi-national organisation, supervised by and reporting to 17 regulators and transacting in multiple currencies. Across its territories, NAGICO has different operating models, systems and processes and as a result needed to transform its financial environment. The group has taken the opportunity, with the application of IFRS 17, to improve the consistency of its processes and invest in its systems.

In addition, NAGICO has assessed and considered the requirements for assumptions underpinning the financials under IFRS 17. As part of this process, new accounting policies were developed and some existing accounting policies were revised.

This standard, although an accounting one, changes the way in which an insurance company is valued and how success may be measured. It was therefore very important to NAGICO that its management and staff were sensitised early. Our change management team has been leading the charge in this regard by arranging a steady flow of certified training for our team. This training and internal information sharing will intensify leading up to the implementation date of IFRS 17. 

The NAGICO group is progressing well toward the achievement of its ultimate objective: being compliant with the standard by 1 January 2023.

 

 

Grateful and fulfilled

NAGICO remained focused and resolute in 2021. The demands on our people were high as we charged forward with our transformative plans and business critical projects, all while still working in a Covid-19 environment. The safety and wellbeing of our employees was of paramount importance and once that was in order, we knew beyond the shadow of a doubt, that our customers and intermediaries would be well served.

Teamwork makes the dream work and we set plans in motion in 2021 to make some of our dreams a reality. To this end, Team NAGICO (staff and intermediaries) worked tirelessly throughout the year, and though at times it was exhausting, it did not go unnoticed by Management. Despite budgetary constraints, outstanding employees in each territory were recognized and rewarded for their performance and commitment. In addition, year-end staff and intermediary celebrations, be they virtual or socially distanced gatherings, were also held. NAGICO sought ways throughout the year to express its appreciation to the staff and at the year-end it was able to pay a small bonus and provide additional vacation days and vouchers across the group, despite the challenging economic environment.

Management remains grateful for the supportive, loyal, and dedicated employees and intermediaries throughout the group. All in all, it can be said that at NAGICO we believe that gratitude is a must!

Community, always on our mind

Amid the ever-changing business climate, our marketing team flexed to deliver on projects and make meaningful community contributions during 2021. We adjusted our marketing spend after much deliberation, to ensure that our expenses and growth aligned with our sustainable operation goals. At NAGICO, we do not like to reduce our advertising and community service spend, but regrettably it was necessary under the circumstances again this year. That being said, the NAGICO group engaged in and were successful in executing many meaningful initiatives surrounding our core pillars: health, education, youth, sport and culture during the year.

We continually challenge ourselves to initiate or engage in projects that are rooted in delivering real human value that resonate in the islands within which we operate.

Outlook

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Effective 1 June 2022 the NAGICO Group welcomed its new CEO, Rudi H. Spaan

A Peak into the Future

NAGICO has served its customers and communities with peace of mind and financial security for 40 years. We provide our customers with the financial means to recover and deal with adversity, resulting from unforeseen events. Whether it is a simple fender bender or a large hurricane, we help people, and indeed entire communities, to recover financially from all sorts of hardship. With that in mind, our vision remains to become the Caribbean’s most trusted insurance company.

The mission is to provide the public easy access to relevant, competitive, and easy to understand products. We also need to move with the times and invest in easy ‘quote, bind, and issue’ user friendly technology which are Web/App enabled. This journey has begun, and all this will be supported by the 400+ NAGICO professionals throughout the Caribbean.

We are in the final process of becoming 100% owned by Peak Reinsurance Company Limited (“Peak Re”), a Hong Kong based reinsurance company with a strong financial rating, A- by A.M. Best and A3 by Moody’s. Becoming part of a larger group provides access to more technical knowledge and capital for growth. The combination of Peak Re’s strength and expertise with the NAGICO brand and its dedicated colleagues gives me the confidence as incoming CEO to say that NAGICO’s best years are ahead of us. 

Untitled Document

I envisage us growing our business by deepening our understanding of our customers’ needs wherever they are in their life cycle. What kind of financial protection do people need throughout their lives? The idea is to provide tailored product offering for every changing situation in our customer’s journey. From traditional Motor and Home insurance to Medical covers, Accident & Health, Critical Illness, Hospital Cash as well as different forms of Life insurance, we empower people to face the future with confidence and peace of mind.

We will also seek to expand our technical Property and Casualty underwriting capabilities in selected geographies for larger commercial risks. NAGICO already has market leading capacity, and we will invest in more complex product and claims expertise. And by becoming part of Peak Re, it will surely provide further access to significant knowledge and capital to further build out our commercial insurance capabilities and value proposition.  
These are lofty goals. Providing customers with the right products and assist them in a time of need, is a true calling and a noble thing to do. It provides satisfaction and fulfillment to serve the societies which we are part of. This comes with great responsibility, and we will work hard to live up to the expectation and continue our pursuit becoming the Caribbean’s most trusted insurance company.

Yours sincerely,

 

Rudi H. Spaan

Our Leadership Team

Board of Directors

Marlon Matser

(1,2,3,4,7,11)

Imran McSood Amjad

(1,2,3,4,5,6,7,8,9,10,11)

Michael Bishop

(1,2,3,4,5,6,7,8,9,10,11)

Ross Mathews

(1,2,3,4,7,11)

Ronald Knowles

(8,9,10)

Mark Kortenoever

(1,2,3,4,7,11)

Reza Amjad

(8)

Yu “Alex” Pei

(8,10)

Kenneth Hodge

(1,2,3,4,7,11)

Franz Hahn

(8,9,10)

Ronald Van Trigt

(5,6)

DAWN DAVIES

(9)

EDWARD LORD

(10)

ADAM RHODES

(5,6)

EDWARD MOXEY

(9)

C-Suite Executives

KYRIA ALI

KYRIA ALI

Interim Chief Executive Officer, Chief Strategy & Development Officer

CLEVELAND BERESFORD JR.

CLEVELAND BERESFORD JR.

Chief Human Resource Officer

DONNA-MARIA DE ROCHÉ

DONNA-MARIA DE ROCHÉ

Chief Claims Officer

BHARDWAJ RAGHUBIR

BHARDWAJ RAGHUBIR

Chief Underwriting Officer

SASKIA FOKKE

SASKIA FOKKE

Chief Governance, Risk Management & Compliance Officer

Territory and LOB Leaders

HOWARD CHENGAJUNE

HOWARD CHENGAJUNE

Subsidiary

Anguilla

RYAN KOCK

RYAN KOCK

Subsidiary

Aruba

Rolf Leenhouts

Rolf Leenhouts

Subsidiary

Aruba

VIBERT WILLIAMS

VIBERT WILLIAMS

Subsidiary

The Bahamas

CHANTELLE BRISTOL

CHANTELLE BRISTOL

Subsidiary

Grenada

ADELE JNBAPTISTE

ADELE JNBAPTISTE

Subsidiary

St. Lucia

ERIC ELLIS

ERIC ELLIS

Subsidiary and Branch Offices

St. Maarten | Saba | Statia

SHARON MELVILLE

SHARON MELVILLE

Subsidiary

Trinidad & Tobago

DAINE BAKER

DAINE BAKER

Subsidiary

NAGICO LIFE

IGOR PIETERSZ

IGOR PIETERSZ

Branch Office

Bonaire / Curacao

HEATHER REID

HEATHER REID

Branch Office

Dominica

SHERITSA OLEANA

SHERITSA OLEANA

Branch Office

Saba

AMIT MOHABIR

AMIT MOHABIR

Branch Offices

St. Kitts & Nevis

JEANMARIE RENARD

JEANMARIE RENARD

Branch Office

St. Martin

CARLA BLAKE

CARLA BLAKE

Branch Office

Turks & Caicos Islands

MAJORIE PARCHMENT

MAJORIE PARCHMENT

Bryson’s Insurance Agency

Antigua

SHAN MOHAMED

SHAN MOHAMED

Century Insurance Agency

BVI (Tortola/Virgin Gorda)

JUDITH GREER

JUDITH GREER

Judith Greer & Associates Inc

Montserrat

YVETTE RYAN

YVETTE RYAN

Ryan Investments Ltd.Insurance Agency

Montserrat

ARLENE CUVALAY

ARLENE CUVALAY

A.R.C Agency N.V.

St. Eustatius

IVAN RIVERS

IVAN RIVERS

I.F. Rivers Enterprises N.V.

St. Eustatius

SIMONNE GOODLUCK

SIMONNE GOODLUCK

St. Vincent Insurances Ltd

St Vincent

CHRISTOPHER HUNTE

CHRISTOPHER HUNTE

Head of Medical