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Wishing you all a happy and healthy 2022 and may this year be filled with many meaningful moments!
I’d like to take this opportunity to personally thank each of you for your trust, confidence, support and loyalty to NAGICO during 2021. It was another very challenging year, but with the benefit of hindsight, I’d summarise our combined performance as robust. Reflecting briefly upon 2021, although thankfully our region was spared significant damage from hurricanes last year, we witnessed the La Soufrière volcano eruption in St. Vincent which affected many and Hurricane Elsa squeezing by St. Lucia, and on top of these natural disaster events we had to navigate through, yet another Covid-19 dominated environment.
We continue to operate within a very hard market. Globally, 2021 was a terrible year from a catastrophe standpoint and this will no doubt be reflected in the reinsurance market’s offering this year. In addition, our local economies remain strained as governments and businesses attempt to adapt to what seems, now, like almost daily changes in the Covid-19 morphing situation. It is not all doom and gloom though. We have proven time and time again that we are resilient and know what it takes to survive. However, at NAGICO, just surviving is not enough for us and we know you, our trusted partners, share the same sentiment.
We are living in an era of relentless change; thus, we must be agile and dynamic. The most successful companies are those that recognize
when transformation is needed and go “All In”! I am pleased to advise you, that we at NAGICO are in full transformation mode and we are excited to share with you some teasers of what you can expect and look forward to as we continue on our journey:
• Technological advancements geared toward improved customer experience and increased overall stakeholder value. Our investment in this regard will also create many operational efficiencies which we are positive you, our intermediaries, will appreciate.
• Compliance with IFRS 9 & 17. These standards as you know, require changes to accounting practices and reporting for insurers and reinsurers and will result in a new financial semantic to inform stakeholders about performance.
• A change in ownership, which will contribute to an even stronger NAGICO and its rating
2022 is a milestone year for NAGICO as we celebrate our Ruby Anniversary! Our NAGICO Group started its operation in 1982 from St. Maarten, with just 75k in equity and in only 40 years we have grown our equity by almost 1,000 times our start-up capital. Over the past 40 years we have expanded our footprint across the Caribbean and have proudly served, supported and invested in the region, not only delivering on our promise to be there for our mutual clients in their time of need but also contributing to the development of communities.
Throughout 2022, in St. Maarten, we will roll out various campaigns dedicated to our stakeholders, without whom we would not be in existence.
Interim CEO, NAGICO Insurances