A new player in the local insurance arena plans to officially launch its Bahamian operations in March, anticipating that up to five percent of its overall business could come out of The Bahamas. While that might seem like a modest slice of the pie, NAGICO Insurance (Bahamas) Limited, headquartered in St. Maarten, has a presence in 20 territories. Vibert Williams, the managing director, said NAGICO is in almost every English-speaking territory in the Caribbean, in all Dutch-speaking islands and in all French-speaking islands.

"Our vision is to become the largest general insurance company in the Caribbean and we are almost there," he said. "As a matter of fact, we are the largest privately-owned general insurer in the entire region. The Bahamas presented another opportunity to extend the NAGICO brand, products and service, but this time into one of the largest markets by premium income. It also afforded us the chance to increase our spread, selling insurance in multiple areas to multiple policyholders to minimize the danger that all policyholders will have losses at the same time."

Ethnic Bowe, an agent for NAGICO in The Bahamas, said that the objective of the 30-year-old firm is to derive about five percent of its overall business from the Bahamian market. He called the insurer "bigger and more financially secure" than competitors in the country. Bowe told Guardian Business that the firm is a "hurricane master", in the sense that they understand the numbers and how to make its products work in these centers.

Williams said that NAGICO has researched the market and can present "outstanding financials and a reinsurance program that is second-to-none in The Bahamas and that can and will be a boon to the Bahamian insuring public". "February 1 of this year will be NAGICO's 31st year in business and our stellar track record of claims payment, customer-focused service and community involvement ensures our longevity and success," he added.

Not everyone in The Bahamas has been thrilled with NAGICO's move. Guardian Business understands that some local insurers feel NAGICO's presence in the market will place pricing and competition on an awkward footing. Between 2006 and 2011, gross written premiums at NAGICO have increased by 55 percent, according to documents obtained by Guardian Business. By the end of 2011, NAGICO was writing premiums of over $93 million. Total assets grew over a six-year period by 172 percent to over $142 million.

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