The Bahamas

“We consistently strive to maintain
and improve our award-winning services,
even in the most painful of times...





Executive Team










We are a financi...

NAGICO is founded in Philipsburg, St. Maarten by a group of businessmen who
envisioned an insurance company dedicate...
Senior Executive Team

Group Board of Directors

NAGICO’s executive
team is one of the
most educated,
trained, ...

NAGICO Insurances offers individuals and


to cover any unanticipated events, as well

comprehensive pol...

Between 2006 and 2011, gross written premiums have increased by

The strength of a company is largely

One can t...

A key part of NAGICO’s award-winning strength is our unparalleled


NAGICO is constantly striving to i...
Head Office:
C.A. Cannegieter St. # 16
Philipsburg • St. Maarten
Tel: (1-721) 542-2739
Fax: (1-721) 542-4476
Upcoming SlideShare
Loading in …5

NAGICO Group Brochure


Published on

Axia designed and developed NAGICO's first formal group brochure. Several similar brochures were designed for specific territories.

Axia is an award-winning visual communications company specializing in wayfinding, branding and advertising for city, corporate and retail markets. Axia provides solutions to move people forward, companies upward and communities onward. Here, great ideas take flight. At Axia, we believe there is no such thing as a bad idea, just another step toward a winning solution. We encourage our Clients to participate in the design process because their input is based on insight and passion. Our motto is simple. “Provide the best creative solutions for the best clients for the best results– and have fun doing it”. Axia Creative, formerly known as Mayfield Creative, is located in West Palm Beach, Florida with a client base that covers the entire US, parts of Canada and over 19 Caribbean territories.

Todd Mayfield is the President and cofounder of Axia Creative. He has over 29 years of wayfinding, brand development, advertising and print graphics experience. He is also an accomplished fine artist and illustrator.

Todd has earned numerous awards for design excellence and profound respect among his peers. His work has been featured in various industry magazines and books such as Print, Signs of the Times and American Corporate Identity. Currently, his company has a loyal client base from California to the Caribbean and parts of Canada.


  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

NAGICO Group Brochure

  1. 1. The NAGICO Way
  2. 2. The Bahamas “We consistently strive to maintain and improve our award-winning services, even in the most painful of times for our communities.” 2020 ANNIVERSARY 1982-2012 BVI Anguilla 2012 marks an impressive 30 year milestone for NAGICO. Over the past three decades, NAGICO has managed to grow into the largest privately held insurance provider in the region. We have also been tested with many catastrophes, but I am proud to say that we have proved to be a strong and stable company with a reputation for fast and fair claims settlement no matter the calamity. We consistently strive to maintain and improve our award-winning services, even in the most painful of times for our communities. Our team of the region’s most experienced and trained professionals work each day to ensure your security and peace of mind under the NAGICO Umbrella. St. Maarten St. Martin Saba Nevis Antigua Montserrat 30 Years, 19 Territories, 1 Group Guadeloupe Dominica Martinique St. Lucia Aruba Curaçao Bonaire Imran McSood Amjad, ACII NAGICO Group Chief Executive Officer St. Eustatius St. Kitts St. Vincent Grenada Tobago Trinidad
  3. 3. Company Milestones 4 5 Executive Team 6 Products 8 Strength 10 Reinsurance 12 Onward 13 We are a financially strong and innovative insurance provider leading the insurance industry in the Caribbean. At NAGICO, we provide our customers with exceptional value through our competitive and flexible products, expertise and responsive service offered throughout our regional network of branch offices, agents and brokers in the Caribbean and future markets. The NAGICO experience is shaped by the many cultures of the Caribbean, which enhances the quality of life for our customers and the communities in which they live. This is the NAGICO Way 2
  4. 4. 1982 NAGICO is founded in Philipsburg, St. Maarten by a group of businessmen who envisioned an insurance company dedicated to protecting property owners from Company With a history dating back over thirty years and hundreds of losses against affordable costs with high quality service and a personal touch. Mr. Milestones Imran McSood Amjad was hired to spearhead the single office venture. Under the thousands of clients, we are one of the leading insurance providers in the Caribbean. Our company is widely respected for our helpful, friendly team of agents, brokers, staff and management and our reputation for fast and fair claims settlements across 19 territories in the region. We are also well known for our continuing innovation, including customizing our range of products to each territory in which we operate to increase the value to our customers. passionate guidance of Mr. McSood Amjad, NAGICO grew into a leading multi-office insurance company with a presence in 19 Caribbean territories and growing . 1983 NAGICO enters the Anguilla market, a neighboring island to NAGICO headquarters. 1987 NAGICO enters the Saba & St. Eustatius markets. 1990 NAGICO enters the Dominica market. 1992 NAGICO enters the British Virgin Islands and quickly grows to become one of the largest insurers on the island. 1995 Nagico enters the Curaçao market. Hurricane Luis begins a series of powerful hurricanes, also dubbed as “The Roaring Nineties,” that devastated many of the territories in which NAGICO operates. 1998 NAGICO enters the Montserrat market and quickly becomes a household name. 2000 NAGICO develops their own proprietary policy management software called “Insurance Pro”. 2004 2007 NAGICO Aruba opens its doors, quickly followed by NAGICO St. Kitts and NAGICO Nevis. The NAGICO Auto Assistance (NAA) service is conceived by and launched in Aruba with resounding success. 2010 Our company’s strength has allowed us to protect our customers 2011 through earthquakes, fires, volcanoes and many storms, including NAGICO opens an office in the capitol of Marigot on French St. Martin. A branch office is opened in St. Lucia. NAGICO acquires GTM Insurance Company in Trinidad destructive category five hurricanes. Through more than 30 years of & Tobago. British American Insurances in the former Dutch Antilles is purchased, unforeseen events, we continue to think ahead to provide the best protection and customer service available to our customers in the The NAGICO Auto Assistance (NAA) service is introduced in St. Maarten. bolstering the Life Insurance division. 2012 NAGICO celebrates 30 years in business. A branch office is established in The region. With our emphasis on innovation, we continue to raise the Bahamas. Grenada and St. Vincent operations are launched. The NAGICO Information standard for insurance companies across the Caribbean. Technology Center is established in the Dominican Republic. This software development company is created by and works exclusively for NAGICO. NAGICO is voted Nr. 1 Insurance Company for a record breaking 6th year in a row by readers of a leading newspaper on St. Maarten. 2020 NAGICO realizes its 2020 vision by serving at least 20 territories in the Caribbean, 4 being led by a team of 20 highly qualified executives, and having USD 200 million in premium income.
  5. 5. Senior Executive Team Group Board of Directors Executives NAGICO’s executive team is one of the most educated, trained, and experienced in the Caribbean. Our Imran Mcsood-Amjad Eric Ellis Michael Gallagher Koos Oosterwaal Paul Dijkhoffz Michael Bishop Executive Director Claims and Properties Chief Financial Officer Executive Director - Life Division Executive Marketing Manager Ronald Knowles CEO of NAGICO Group of Companies Chairman Founded NAGICO in 1982 Joined in 1988 Joined in 2010 Joined in 2011 Board Member Joined in 2010 Chartered Insurer, ACII Bachelor’s Degree in Business Administration Serves as Managing director BAICO N.V Aruba Bachelor’s Degree in International Marketing Joined in 2008 Chartered accountant, extensive finance experience Associated since 1982 as a reinsurance consultant. Bachelor’s Degree in Natural Sciences from the University of Durham 25 years of experience of international insurance Bsc in Marketing, pursuing Masters degree. Former Chairman of HSBC Reinsurance Treaty Limited Provides financial information to the Board of Directors and other stakeholders and manages the budget, financial regulations and reporting for audits. Expertise in analytical focus and planning NIMA-A accredidation Expert in reinsurance, which is the financial backing that allows NAGICO to deliver claims no matter the severity of the calamity. Guided NAGICO from a single office to a network spanning 19 territories and annual income of over USD 100 million. Managing Director of the St. Maarten Mortgage Guarantee Fund Chairman of the St. Maarten Insurance Association Supervisory Board Directs claims reviews and audits throughout NAGICO’s network Members, Executive Oversees purchasing and maintenance of NAGICO’s properties. Team and Junior best and brightest insurers, accountants, lawyers and other specialists that keep NAGICO running efficiently and Executive Director of Finance and Operations Fellow Chartered Certified Accountant (FCCA) accreditation Former Senior Auditor at Deloitte & Touche Ensures the financial strength and operational efficiency of NAGICO. John Lawrence Head of Group Compliance Joined in 2007 Executive Director of several NAGICO companies Past president of the Financial Services Association in Anguilla Former Superintendent of the Financial Services Commission and Registrar General in the Turks & Caicos Islands. Junior Executive Team Francis Bowman Executive Director Product & New Market Development Dalton Lashley Joined in 2001 Joined in 2008 Financial Analyst Advisor in Insurance (AAIA), Fellow of the Life Management Institute (FLMI), Associate’s Degree in four other disciplines Center of Excellence Director for NAGICO in The Bahamas and St. Lucia Product Development Director Board Member Joined in 2008 Former Chairman and current Deputy Fellow Chartered Certified Accountant (FCCA) accreditation Chairman NAGICO Group Board of Directors. Former President and Senior Manager of RBTT Bank N.V Prepares and oversees regulatory filings in certain territories and the financial section of the annual report. Chartered Property Casualty Underwriter (CPCU) Accredited Senior Managing Director and General Manager of the Antilles Banking Corporation Karson Bovell Country Manager of the Royal Bank of Canada for St. Vincent and St. Kitts. Executive Manager - Medical Division Joined in 2009 NAGICO provides the Fellow Life Management Institute (FLMI) Fellow Financial Services Institute (FFSI) Vincent Haakmat Executive Director of Information Technology Fellow Life Health Claims Managed Healthcare Professional (MHP) Joined in 1999 2020 our team will be Certified in Visual Basic, COBOL, RPG-2, the best team in the RPG-400, and C region, bar none. Experience in Microsoft Certifications in Windows Desktops, Servers, Software Design, and Networks Certified Ethical Hacker Created “Insurance Pro,” a program that revolutionized NAGICO’s insurance management and is now used by all NAGICO branch offices and general agents. 6 Former accountant and auditor for Peat Marwick (now KPMG). MSC in Major Economics Vibert Williams Joined in 2002 as CFO they ensure that our customers. By Partner at HLB Galanis & Co. Glenville Blake importantly of all, service possible to Fellow of The Chartered Association of Certified Accountants (FCCA) Presided over acquisition of British American Insurance Company smoothly. Most fastest and friendliest BBA in Major International Business Leads the marketing for the company and its services, including spearheading a new marketing push in 2012. Member of the Association of Certified Accountants (ACCA) since 1981. MBA in Major Finance Executive Team represent 20 of the HBS-B in Business Administration Chairman since 2008. Dwayne Elgin Executive Director Underwriting and Reinsurance Joined 2001 Chartered Property Underwriter (CPCU) accreditation Associate’s Degree in Commercial Underwriting, Reinsurance and General Insurance (AIS) Accredited Adviser in Insurance (AAIA) Directs certain NAGICO markets in the Eastern Caribbean. Detlef Hooyboer Executive Director, ABC islands Joined 2004 Master of Science, degree in Business Administration with emphasis in Strategic Management, Financial Management, Strategic Control Systems, Project Management and Management of non-profit organizations. Holds a Chartered Property and Casualty Underwriter degree from the American Institute for CPCU. Dilys Alphonso Associate Annuity Products and Administration Joined in 1984 Associate Insurance Agency Administration Associate Insurance Regulatory Compliance Health Insurance Associate Professional Customer Service certifications Over 20 years in insurance industry. Financial Controller Associate’s degree in accounting, professional examinations in Business Management Skills, Human Resources, Sage Accpac ERP Certified General Ledger and Accounts Payable Specialist 28 years of accounting experience Oversees the operations of the finance department Ron Verhaar Board Member Joined in 2005 General Manager of The Caravanserai Beach Resort in St. Maarten Former tax auditor in The Netherlands and St. Maarten from 1986-2004. Thomas Astaphan Board Member Joined in 1987 Board of Directors Bachelor of Science Degree in Psychology and Economics LLB in Law and LEC (Bars) Currently practices law in Anguilla.
  6. 6. Products NAGICO Insurances offers individuals and Medical to cover any unanticipated events, as well comprehensive policies in the region. Vehicle We also offer General Liability insurance businesses some of the best and most Private as money insurance to cover any cash, cheques, credit card slips and banker’s Private customers benefit from our Marine Hull & Cargo drafts. Our specialized solutions, like our excellent Comprehensive Homeowner’s Property/Home Jeweller’s Block insurance, ensure that insurance, with several levels and types of your insurance protects you in the way Life coverage available to suit their individual that you want and need. Travel circumstances. NAGICO also offers businesses our highly NAGICO’s Motor insurance provides customizable NAGICARE Group Health Comprehensive or “All Risks” coverage, which covers the insured for loss and damage to their vehicle. Additionally, NAGICO offers Private Yacht or Boat insurance which covers the smallest dinghy to the longest sailboat. NAGICO’s Motorcycle insurance covers many types of motorbikes from mopeds to Harleys. NAGICO’s protective umbrella offers NAGICARE Medical insurance which includes group policies, individual medical, personal accident, immigration and senior coverage. Business and Life insurance plans. With NAGICARE, your employees can get the coverage they Commercial Vehicle Burglary Business Corporate clients benefit from our unique, Marine Hull and Cargo Contractors All Risks need to be a healthy contributor to the innovative and customized insurance success of your business. In addition, with Public/General 3rd Party Fire & Extended Perils products. Unlike many insurers in the our group life coverage, their families can Caribbean, NAGICO offers a commercial receive compensation to offset the impact Liability “All Risks” policy, which covers property of losing a family member in the event of Directors Liability Goods In Transit against any peril except those specifically an untimely death. Professional Indemnity Money All Risks excluded. Our Business Interruption policy Comp. Machinery & Plant Fidelity Guarantee Business Interruption 8 Jewellers Block Aircraft Hull & Liability calamity will not be an insurmountable Commercial All Risks Airport Groundhandler’s burden for your business. works together with those policies to NAGICO is here for you, your employees, ensure that the loss of income from any and your families.
  7. 7. Strength Between 2006 and 2011, gross written premiums have increased by The strength of a company is largely One can tell a lot about the leadership of 55%. By the end of 2011, NAGICO was writing premiums of over determined by its financial performance. a company by the people they employ. US$93 million and projects that it will write over US$100 million in An important question one asks about NAGICO’s managers practice the age old premiums during 2012. Over the same six year period, total assets a company to understand its financial advice to “surround oneself with good have grown by 172% to over US$142 million at the end of 2011. strength is: “Are its assets greater in value people”. than they were a year ago?” By the end of During this period of strong growth in premiums, NAGICO also 2011, NAGICO’s total assets increased 50% NAGICO’s people are encouraged to use maintained a strong level of solvency; by 2011, total shareholders’ from the previous year. This, despite a soft their initiative. When managers value their equity had increased by 284% to over US$65 million. world economy, has proven NAGICO to be staff and celebrate their contributions, one of the strongest and fastest growing productivity rises and customer service companies in the Caribbean. Gross Written Premiums Strength is also determined by the passion and creative thinking by its leadership. The development of innovative insurance products, strategic market outreach, $61,379,604 2006 $64,980,037 2007 $70,514,710 2008 $72,487,137 $79,800,418 $94,909,034 2009 2010 2011 dedication to business excellence and an undying commitment to serving the people of the Caribbean has earned Total Assets NAGICO tremendous brand equity and a loyal customer base. Strong companies have an appetite 2006 $75,961,672 2007 $81,823,095 2008 $88,592,444 $95,358,436 $142,433,345 for calculated risk. To leverage risk into excels. Good customer service means 2009 2010 2011 a successful outcome, a company happy customers. NAGICO understands must embrace the idea of change with $52,285,172 that their customers are the backbone of the agility to respond to the resulting their success. Total Shareholders Equity challenges change brings. NAGICO not only embraces change, but approaches change with a sense of urgency and $17,031,739 $37,265,491 2007 $39,918,429 2008 $45,536,576 $48,993,145 $65,379,156 2009 2010 2011 NB: The 2011 figures reflect the full year’s written premiums for GTM & BAICO. The financial statements only reflect premiums for the period after acquisition. 10 financial growth, an empowered staff and relish. Their belief is that if a company isn’t 2006 NAGICO’s strength is evident by their a secure customer base. moving forward, leading or changing, then it is destined to fall behind allowing their competitors to gladly take the lead.
  8. 8. Reinsurance A key part of NAGICO’s award-winning strength is our unparalleled Onward NAGICO is constantly striving to improve software. We are also excited to announce reinsurance programme, which provides protection and backing and expand our services and products for that this year we will be expanding into to the company during natural disasters and other perils that our customers through innovative projects. Grenada, as well as adding a majority stake place great burden on insurance companies. Our reinsurance is Our customers are consistently impressed in Vinsure in St. Vincent, expanding our the strongest in the region, wholly covered by globally recognized at our flexible and custom-tailored total coverage to 19 territories across the A-rated providers such as: Swiss RE, Munich RE and Lloyd’s. With insurance solutions that we are constantly region. This, combined with our recent our reinsurance programme, NAGICO is able to remain strong for working to improve. They also value expansion into The Bahamas, St. Lucia, our customers and communities and to provide support when they our efficiency, which we are continually and Trinidad and Tobago mark major need us most. That is the security that our customers have come to improving through technological steps towards our goal of becoming the know and trust under the NAGICO Umbrella. innovations in our proprietary management leading insurance provider in the greater Caribbean region. These steps are all part of NAGICO’s “2020 Vision” plan for the The Caribbean is prone to many different types of natural disasters. future. By 2020, NAGICO plans to serve In NAGICO’s 30 years, we have faced many major hurricanes, 20 territories in the Caribbean, being led earthquakes, fires, as well as the eruption of the Soufrière Hills by a team of 20 highly qualified executives volcano in 1995 that destroyed more than half of Montserrat. Each and having USD 200 million in premium of these catastrophes drove many insurance companies out of the income. We are already well along the region or out of business. However, NAGICO’s financial strength and way to meeting and exceeding these reinsurance backing allowed us to not only remain strong, but also goals. provide the fast, fair and friendly claims service that the company is known and trusted for. 12
  9. 9. Head Office: C.A. Cannegieter St. # 16 Philipsburg • St. Maarten Tel: (1-721) 542-2739 Fax: (1-721) 542-4476 30 Years • 19 Territories • 1 Group