Insurance Company of The Bahamas Limited (ICB) was incorporated in the Bahamas on the 21st of January 1997 with a view to writing all classes of non-life insurance business. ICB was formed as a joint venture between General Accident Fire and Life Assurance Company Limited (GAFLAC) and the agents J.S. Johnson & Company Limited (JSJ) and was capitalized to the tune of $3 million.

The intention behind establishing ICB was that it would ultimately write the JSJ book of business written by GAFLAC, the latter having announced its intention to effect a strategic withdrawal from the Caribbean region in 1996. Under a tripartite agreement, JSJ transferred the GAFLAC portfolio to ICB over a four year period. The process was completed at the end of year 2000 at which time GAFLAC disposed of its ICB shareholding to JSJ and other local shareholders, under a buy-back agreement. J.S. Johnson now holds 40 of the shares in ICB.

In December 2005, the Company moved from its temporary Nassau location in the Plaza, on Mackey Street to its new permanent home at 33 Collins Avenue. The following year represented a milestone for ICB as the Company completed its tenth full year of operations.