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USD 74.7M


Nearly USD 450M


> 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

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


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

Kyria Ali

Interim CEO's Statement

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


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.

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.


We committed to an enterprise-wide focus and five critical areas for 2021, as we progressed on our business transformation journey: enhancement of our corporate governance; redesign of our risk management programs that protect our capital and surplus; utilization of business intelligence tools in operational management; investing in technology to enhance the overall customer and stakeholder experience; and compliance with IFRS 9 and 17, two financial reporting standards which will become effective for insurance companies from 1 January 2023.

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


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.



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.


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. 


Kyria Ali
Interim CEO

Our Footprint

Fast, Fair and Always There!

The Bahamas


St. Maarten


St. Martin


Turks & Caicos






St. Eustatius






St Kitts










St Lucia






St. Vincent










Financial Hightlights

(In Thousands of U.S. Dollars)

Assets 2021 2020 
(in thousands of U.S. dollars) 
Property and equipment 15,944 19,286
Right-of-use assets 1,634 2,245
Retirement benefit asset 14,106 12,381
Investment properties 27,227 22,444
Investment securities 138,100 124,940
Intangible assets 1,556 3,313
Long-term loans receivable 1,098 879
Deferred tax asset 12,988 13,431
Due from reinsurers 85,485 59,996
Insurance receivables 38,786 37,978
Deferred acquisition costs 12,697 12,252
Policy loans 3,590 2,105
Prepayments and other current assets 10,499 4,493
151,057 116,824

Cash and cash equivalents 81,362 75,950
TOTAL ASSETS 445,072 391,693

Equity and Liabilities 2021 2020 
(in thousands of U.S. dollars)
Share capital 10 10
Additional paid in capital 43,515 43,515
Other components of equity 3,695 5,681
Retained earnings 25,074 21,726
Shareholders' equity 72,294 70,932
Non-controlling interests 2,406 2,400
Total equity 74,700 73,332

Insurance liabilities 220,759 186,976
Due to reinsurers 105,901 87,060
Deferred tax payable 7,389 7,106
Current tax payable 1,221 1,201
Lease liabilities 1,741 2,315
Accounts payable and accrued liabilities 10,818 12,731
Loan payable 22,543 20,972
370,372 318,361


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 USD 7.5 million (re-stated to USD 9.3 million as at December 31, 2020) to USD 13.30 million; premium income increased from USD 10.5 million to USD 11.7 million; and total assets increased from USD 52.8 million to USD 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 out 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.

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 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.


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.

Board of Directors

Marlon Matser


Imran McSood Amjad


Michael Bishop


Ross Mathews


Ronald Knowles


Yu “Alex” Pei


Kenneth Hodge


Franz Hahn


Ronald Van Trigt


C-Suite Executives


Interim Chief Executive Officer Chief Strategy & Development Officer


Director of Properties


Chief Human Resource Officer


Chief Claims Officer


Chief Underwriting Officer


Chief Governance, Risk Management & Compliance Officer

Our team is comprised of:

Together we make NAGICO the most competent and versatile insurance group in the region.