Category: Uncategorized

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.

Nagico Insurances donates projector to HLSCC Virgin Gorda Branch

Posted on by Zainab Bhatia

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

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

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

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

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

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

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

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

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

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

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

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

 

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

A.M. Best Upgrades NAGICO’s Issuer Credit Rating

Posted on by Zainab Bhatia

NAGICO’s leadership in catastrophe claims management affirmed as voted #1 insurance company for the 12th year in a row in St. Maarten.

Philipsburg, Sint Maarten – February 7, 2019 – NAGICO Insurances, a diversified insurance group serving 21 territories in the Caribbean, is proud to announce that it’s Long-Term Issuer Credit Rating has been upgraded to bbb+ by A.M. Best.

A.M. Best’s Rating Services evaluated both the financial and non-financial risks within NAGICO’s business and in its press release earlier today, A.M. Best stated that, “the ratings of NAGICO Group reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.” As it relates to the Group’s financial strength, A.M. Best stated “The very strong balance sheet strength assessment is based on supportive risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio, which is at the strongest level following a quick recovery from the impact of hurricanes Irma and Maria in 2017.”

“We are very proud to have earned this upgrade from A.M. Best. The upgrade signifies the agency’s recognition of our ability to effectively manage and withstand the worst of catastrophes and reflects their confidence in our management team, operations, financial strength and stability,” NAGICO Chairman Imran McSood Amjad said.

Further affirming NAGICO’s leadership in catastrophe management and service, NAGICO was voted the #1 insurance company for the 12th year in a row in St. Maarten, based on a survey conducted by St. Maarten-based newspaper The Daily Herald, a leading daily newspaper serving St. Maarten and the Northeast Caribbean.

“The customer experience and our ability to deliver on our promises are of paramount importance to us. Our team worked passionately and tirelessly to serve our clients after the hurricanes devastated the islands in 2017, so it was very humbling and heartwarming to be awarded Best Insurer in St. Maarten by the public as it reflected the level of appreciation of our efforts.” said Detlef Hooyboer, NAGICO’s Chief Executive Officer. “We believe that the rating upgrade from A.M. Best coupled with the Best Insurer title in St. Maarten is very much aligned with our core values: Strength, Stability and Service.” More information on the rating can be viewed at www.ambest.com.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

About NAGICO Group

The NAGICO Group was established in 1982 and is well established across 21 territories in the Caribbean, providing property and casualty insurance, life and health insurance and risk solutions to customers. To learn more about NAGICO, visit www.nagico.com.

You can find the full press release published by AM Best here