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GFA Caraïbes and NAGICO finalize their partnership agreement for property and casualty insurance in the Caribbean and French Guiana markets

Posted on by Zainab Bhatia

 

 

 

 

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:

  • 31 territories
  • $250 million in annual gross written premiums.
  • $124 million in shareholders’ equity.
  • > ½ billion USD in assets.
  • Financial size VIII (PHS $100m-$250m)
  • AM BEST rating: B++ (Good)

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

GFA Caraïbes and NAGICO finalize their partnership agreement for property and casualty insurance in the Caribbean and French Guiana markets

Posted on by Zainab Bhatia

 

 

 

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:

  • 31 territories
  • $250 million in annual gross written premiums.
  • $124 million in shareholders’ equity.
  • > ½ billion USD in assets.
  • Financial size VIII (PHS $100m-$250m)
  • AM BEST rating: B++ (Good)

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

NAGICO Insurances to be fully acquired by Peak Reinsurance Company Limited

Posted on by Zainab Bhatia

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.

Caribbean’s NAGICO Group Selects Moody’s Analytics for IFRS 17

Posted on by Zainab Bhatia


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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Thoughts and Prayer for St vincent and the Grenadines

Posted on by Zainab Bhatia

The NAGICO Family extends its prayers and support to our Vinsure Family and the people of St. Vincent and the Grenadines.

The La Soufriere volcano in St. Vincent has been erupting since yesterday, Friday 9th April, and the authorities gave an evacuation order the night before, i.e. Thursday 8th April, to the relevant areas of the country. This is a developing situation, however, Geologist Richard Robertson said that so far, the data shows that the 2021 eruption would more than likely be much bigger than the 1979 eruption.

We are happy to advise that all of our VINSURE staff are in the green zone and are safe indoors. We understand from them that the ash fall is very heavy and that the sulphur smell is quite strong, with persons very South of the island (in Kingstown) / very far away from the volcano experiencing it also at present. Visibility has been reported to be very low, even in Kingstown (green zone). Despite the devastating and developing situation, our Vinsure team remains in positive spirits and are appreciative of the significant outpouring of care, support and prayer.

Please join us as we continue to keep our Vinsure Family and the people of St. Vincent and the Grenadines in our thoughts and prayers.

Executive Team

 

 

NAGICO Insurances Partners with DMF to take Steel Pan Music Beyond the Classroom

Posted on by Zainab Bhatia

NAGICO Insurances has partnered with Dow Musical Foundation (DMF) to facilitate the teaching and performance of students in the musical artform of playing the steel pan, otherwise known as the music of the Caribbean, Beyond the Classroom.

The objective of this program is to create a platform for the students of St. Maarten (primary and secondary school students) to sharpen their steel plan skills and showcase their talent. Through our partnership with the DMF, at least 450 students between the ages of 11 and 18 years, from 10 schools, will get the opportunity to perform at various public events in 2020 and even compete against each other for bragging rights and other prizes.

“We know that this partnership will make a positive social impact and contribute to the character of our youth in St. Maarten. We expect that the Beyond the Classroom program will also open doors for the students and the island as a whole; after all Music is food for the soul.” NAGICO Insurances said.

Discipline, respect, teamwork, presentation skills and confidence in oneself are byproducts that will also be derived from the Beyond the Classroom program. These core values and qualities are vital to shaping well rounded individuals and NAGICO Insurances and DMF are eager to contribute to society in this regard.

“We are very thankful to NAGICO Insurances for partnering with us on this project,” Dow; founder of the DMF said. “Steel Pan is an important part of our culture and we intend to pass it on to the next generation and ensure that this art form is not lost.”

DMF said that they have also engaged other private partners in the community to come onboard the first Beyond the Classroom event – the Steel Band Inter-School Competition which is slated for 4 April 2020 at the Festival Village from 7pm-10pm. Come out and support your fellow students, school, alma mater, friends or family. It will be a truly spectacular event.

NAGICO Insurances remains committed to St. Maarten and its culture and is honored to be a part of this wonderful initiative.

NAGICO Insurances partners with Samaritan’s Purse to help provide relief for The Bahamas

Posted on by Zainab Bhatia

 

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.