Nagico boasts of financial strength

In the face of the CLICO and BAICO disasters another insurance company is boasting of being financially strong and able to meet the needs of its policy holders.

Nagico, which operates in 19 Caribbean countries, is celebrating its 30th anniversary.

The company’s Chief Executive Officer, Imran McSood Amjad, speaking at a celebratory function in Dominica, urged governments to do everything to take care of the interests of policy holders.

“We do not worry about that, we are very well looked after,” McSood Amjad said of Nagico.

He boasted that “Nagico is probably the only company whose equity is equal to the net premiums that we write”.

While not identifying rivals by name, McSood Amjad, said some insurance companies had folded because their liabilities eventually exceeded their assets.

Referring to his own Nagico, the CEO said “this is not a company that you play around with”.

He boasted that Nagico had been able to pay out US$200 million dollars in claims between 1995 and 1999, because of damage caused by five hurricanes during that five-year period.

McSood Amjad said prior to that Nagico had had to service over 10,000 claims after Hurricane Luis devastated St Maarten in 1995.

Nagico is being described by its management team as the “largest privately held insurance company in the Caribbean”.

It’s said to have total assets of US$125 million.

The Dominica branch’s operations  came in for some praise, as company officials disclosed that Dominica won the Branch of the year award in 2009 and again in 2010.

Two local schools were presented with $5,000.00 each – the funds were picked up by representatives of the Alpha Centre and the Campbell Government School.

Nagico longstanding clients were also honoured.

The Nagico function was attended by Trade Minister Colin McIntyre who represented Prime Minister Roosevelt Skerrit, and Education Minister Peter St Jean.