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After announcing that they had entered into exclusive negotiations on May 9, GFA Caraïbes, the subsidiary of Generali France in the Caribbean and French Guiana, and NAGICO, an insurance company specializing in the Caribbean market, signed their partnership agreement on August 14th.
Risk coverage in the Caribbean market has specific characteristics: these territories are exposed to very significant natural disasters, which have gradually led to a scarcity of reinsurance for these risks, weakening the insurance market in these regions.
To address these sensitive issues, GFA Caraïbes and NAGICO have just concluded an agreement whereby the entities will work together to provide property damage insurance for the French West Indies and French Guiana.
GFA Caraïbes, a subsidiary of Generali France, has 180 employees and relies on a distribution network of general agents, brokers, and direct offices, which generated €133 million in revenue in 2024.
Operating from offices across the Caribbean, NAGICO is a group with in-depth knowledge of the Caribbean market, particularly the English, Dutch, and French Antilles, specializing in the provision of insurance. The group generated total revenue of nearly $250 million in 2024 and has been proudly serving the region since 1982.
The partnership between the two entities concerns new businesses in the areas of home insurance, building insurance, and commercial insurance. In these segments, GFA Caraïbes acts on behalf of NAGICO as an agent to assist clients in preventing and controlling their risks, managing their contracts, and settling claims.
NAGICO operates directly in the industrial multi-risk segment in partnership with COOPER GAY, which acts as its agent.
For its part, GFA Caraïbes will be able to focus on its role as a leading insurer in auto insurance and corporate vehicle fleets, develop personal insurance (health insurance, savings, and retirement) and work to diversify its business into new insurance sectors in the French West Indies and French Guiana.
The GFA Caraïbes network of general agents and brokers remains at the heart of its, and NAGICO’s development strategy.
Thanks to this partnership, the two companies will boost economic integration in this region and provide a solution so that as many individual, professional, and corporate customers in the Caribbean and French Guiana as possible can continue to be insured.
The project will be operational in September 2025 and will not affect the employment of GFA Caraïbes employees.
Jean Marie Renard, NAGICO’s Mandataire General for French territories, said, “I welcome this positive conclusion, the work actively conducted between the opening of exclusive negotiations and the signing of our partnership agreement has confirmed the shared commitment of our two entities to maintain and develop an insurance offering in the French Caribbean and French Guiana. Furthermore, its operational implementation on September 15, 2025, allows us to immediately offer a response tailored to the needs and specific insurance characteristics of this territory. Just as we did at the end of 2024 regarding the issue of riots. NAGICO Insurances is a Caribbean company that is committed to the Caribbean region and its people, and we are excited to be serving more of you.”
Stéphane Marcelli, CEO of GFA Caraïbes, emphasized:” The specific characteristics of NAGICO, a long-established insurance company throughout the Caribbean with in-depth knowledge of insurance coverage and management in our region, which is exposed to specific climate risks, prompted us to form this partnership. Our partnership is an illustration of the ability of voluntary insurers to implement innovative and robust solutions. Thanks to this, we will create positive momentum for both our companies and for the economies of our regions. Confident in our shared future, we look forward to implementing this partnership at the start of the new school year.”
About the NAGICO Group
Founded in 1982, the NAGICO Group offers a full range of property and casualty insurance products, as well as life and health products, to its customers in the Caribbean.
Thanks to a detailed understanding of the insurance business, the needs of its customers, and the environment in which the company operates, combined with the support of its intermediaries, employees, and reinsurance partners, the NAGICO Group has a strong presence in the Caribbean, operating in 31 islands. NAGICO’s promise and commitment from the outset has been to provide prompt and fair service to its customers and to always be there for them, a promise that has been consistently kept over the years.
NAGICO is a financially strong and stable group, with risk management at the heart of its decision-making. With reliability, loyalty, and proximity as its values, it is a preferred provider in the region and the number one provider in many islands.
NAGICO Group key figures:
For more information, visit nagico.com and follow the group’s news on LinkedIn.
About GFA Caraïbes:
Founded in 1971, GFA Caraïbes is a local insurance company based in the French West Indies and French Guiana and has been a subsidiary of the Generali Group since 1999. With a market share of 16%, GFA Caraïbes is a major player in property and casualty insurance in Martinique, Guadeloupe, and French Guiana. It serves more than 80,000 customers (individuals, professionals, and businesses) through its network of general agents, brokers, and the commitment of its 185 employees.
GFA Caraïbes also distributes the Generali Group’s life, personal protection, and retirement products.
About GENERALI France
Generali France is now one of France’s leading insurers and asset managers, with revenues of €19.2 billion in 2024. It offers its 8 million individual, professional, and corporate customers a comprehensive range of insurance solutions (health, personal protection, assistance, property and liability), wealth management, and asset management. Established in France since 1832, Generali France draws on the know-how and expertise of its 9,300 employees, general agents, and agency staff, as well as its networks of brokers and intermediaries. Its vision is to be a lifelong partner to its customers and distributors. As a committed company, Generali France places sustainability at the heart of its strategy with the ambition of being a responsible insurer, investor, distributor, employer, and citizen, in particular through its foundation, The Human Safety Net.
For more information, visit generali.fr and follow our news on LinkedIn
Press contacts:
Nagico : Stephane Gin : stephane.gin@nagico.com
GFA Caraibes Elodie Zameo : e.zameo@gfa-caraibes.fr
Generali France : Julie Terzulli : julie.terzulli@Generali.com
