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'75-90' of firmsnot paying NIB,BEC on time
By NEIL HARTNELL
Tribune Business Editor
With between 75-90 per cent of Bahamian companies not paying their electricity and National Insurance Board (NIB) contributions on a timely basis, a leading accountant believes the 75 basis point reduction in the Discount and Prime rates will have "minimal impact" in terms of stimulating economic activity.
Raymond Winder, managing partner at Deloitte & Touche (Bahamas), told Tribune Business that individuals and companies were more likely to use the estimated $60-$70 million set to be returned to borrowers to pay-off existing debt "shore up" household and company balance sheets, rather than engage in new spending.
Agreeing that t ...
'ABSURD' DELAY OVER CUSTOMS JUDICIAL REVIEW
By NEIL HARTNELL
Tribune Business Editor
A SUPREME COURT judge yesterday retired to determine whether to grant leave for Judicial Review over Customs' demand for Grand Bahama Port Authority (GBPA) licencees to produce National Insurance Board (NIB) letters of good standing, the companies involved describing the nine-month delay in proceedings to this point as "absurd".
Fred Smith QC, attorney and partner at Callender's & Co, who is representing the law firm, Smith Point and Bahamian Outdoor Adventure Tours in the proceedings, told Tribune Business he was proceeding with the Judicial Review application even though Customs had withdrawn its demand for the NIB letters to be pr ...
'Aggressive' insurertargets the Bahamas
By NEIL HARTNELL
Tribune Business Editor
AN "AGGRESSIVE" St Maarten-headquartered underwriter has caused a stir in the Bahamian general insurance market after obtaining regulatory approval to write business in this nation, Tribune Business can reveal, a development that has come "as a bit of a surprise" to many in the industry.
Multiple sector sources confirmed to this newspaper yesterday that the Insurance Commission of the Bahamas (ICB) has issued a licence and the relevant approvals to Netherlands Antilles General Insurance Company (NAGICO) to start writing property/casualty business in this nation, with the company set to operate from a Centreville head office address.
While ...
'Audit should have been sent out to tender'
JOHN Pinder, former National Insurance Board member, says the recently tabled forensic audit into that company's daily operations should have been sent to tender rather than the accounting firm of Grant Thornton having been chosen.
'Celebrating 40 Years of Independence and Expression'
Bahamians have a unique way of expressing themselves, with a colorful vocabulary replete with words, idioms and adages to suit every occasion.
In 2013, as The Bahamas commemorates its 40th anniversary of independence, Colina Insurance Limited's annual calendar, "Celebrating 40 years of Independence and Expression", will celebrate Bahamian colloquialisms as a key aspect of culture.
The calendar is a fun look at "Bahamianese" interpreted and illustrated by artists affiliated with the National Art Gallery of The Bahamas (NAGB).
Colina launched the 2013 calendar on Thursday at the NAGB with a showing and silent auction of the original calendar artwork. The "Expressions" art show runs at the NAGB through January 12, 2013.
"The calendar celebrates Bahamian culture by taking the viewers on a colorful year-long journey through beautiful and entertaining renderings of our most popular idiomatic expressions," says Colina's Corporate Communications Officer Melanie Hutcheson.
"We are thrilled to have had the opportunity to work with so many talented artists on this project. Their diverse and thought-provoking interpretations of what many might consider everyday dialect make me very excited about investing in the future of the arts in The Bahamas."
"Expressions" features artwork from 13 artists based in New Providence and the Family Islands and was curated by the NAGB.
"We are thrilled to be part of this calendar project," says NAGB Director Amanda Coulson. "As incoming director, one of my main objectives is to reach out to the broader Bahamian public and put our art and culture at the forefront of public awareness.
The collaboration with Colina is a wonderful partnership that will allow the NAGB to do this."
This venture is the fifth concept calendar for Colina, and a follow-up to 2012's "Rising Young Stars of Sports", which highlighted notable young Bahamian athletes in sporting disciplines as varied as track and field, swimming, judo and equestrianism.
The company's 2011 calendar, "The Art of Charity", which featured local charitable and service organizations, raised $8,000 for charity and earned the company a Silver Quill Award in Publication Design from the International Association of Business Communicators (IABC), the voice of the global communications industry.
* For more images check our online galleries
'Click for a Cause' campaign benefits local charities
In April, RoyalStar Assurance (RSA) launched its Click for A Cause Campaign for the second year in a row. The online, interactive campaign branded by the company's advertising and design firm, AdWorks, was once again very well received with final vote tallies exceeding previous levels.
The RoyalStar Assurance-sponsored initiative was introduced last year with much fanfare and wrapped-up in December 2010, with donation presentations to the three charities with the most votes - Hands For Hunger, the Bahamas National Trust and the Ranfurly Home. RSA also presented three lucky persons, who each made donations to the various charities during the course of the promotion, with $250, $500 and $1,000 Visa gift cards respectively.
This year, the public was again invited to vote for the charity of their choice from a list that included Abilities Unlimited, the AIDS Foundation of The Bahamas, the Bahamas Conference Women's Missionary Society, BASRA (Bahamas Air, Sea & Rescue Association), BHumane (Humane Society of The Bahamas), the Persis Rodgers Home for the Aged, Sister Sister, the Bahamas Red Cross, the Scout Association of The Bahamas, Project Read and Ride For Hope. Voters were welcome to add and vote for charities not listed.
At the conclusion of this year's spring campaign, the Bahamas Conference Women's Missionary Society, BHumane and Sister Sister emerged as winners. Each organization received a donation from RoyalStar Assurance, premier insurance provider throughout The Bahamas, Cayman and Turks & Caicos.
'Draconian' asset discounts 'unsuitable' for the Bahamas
By NEIL HARTNELL
Tribune Business Editor
The one-year deadline extension for the Bahamian insurance industry to comply with the new Insurance Act's regulations was welcomed yesterday, one leading insurer telling Tribune Business that some stipulations were "unsuitable" for the Bahamian market and result in major falls for public company share prices. Steve Watson, RoyalStar Assurance's managing director, told this newspaper that the asset classes and discounts stipulated in the current regulations, for purposes of calculating solvency and capital requirements, could force Bahamian insurance carriers to sell-off substantial chunks of their equity holdings - something that could ...
'Exponential Growth' In Mental Illness Expected
An "exponential growth" in mental illness in the Bahamas - particularly depression - is expected over the next 20 years, Health Minsiter Dr Perry Gomez revealed.
'I Feel Like A Marked Man'
The principal owner of a business on Harrold Road is blaming his troubles on the ongoing NIB row after he was twice targeted by robbers.
.M. Best affirms A- rating for Colina Insurance Lt
Colina Insurance Limited had its financial strength rating of A- affirmed by A.M. Best, with a company executive saying the company's performance during the challenging economic climate is a testament to maintaining good practices.
"We are extremely pleased that A.M. Best has re-affirmed our A- (Excellent) rating, acknowledging our efforts to achieve the levels of profitability sustained in 2011, in light of the challenging economic environment," said Colina's Corporate Communications Officer Melanie Hutcheson. "We are confident that our overall capitalization and conservative reserving practices have positioned Colina with the flexibility to continue employing strategies that address key risk rating factors as we move forward."
The factors supporting Colina's A- rating include its leading position in the life/health market in the country, good risk-adjusted capitalization, profitable operations and conservative reserving practices.
A.M. Best also issued a rating for its parent company, Colina Holdings Bahamas Limited, which received a credit rating of "bbb-." Challenges posed by the economy may have factored with the rating, according to A.M. Best.
"While the company's earnings performance remains positive, the depressed economic environment also has had an effect on its core life/health insurance lines," said a statement from A.M. Best.
Colina Holdings Bahamas Limited ended 2011 on a strong note, recording a net income of $5.6 million and $550 million on its balance sheet. Despite the individual life sales volumes that affected net income, the company still managed to post $5.9 million in total comprehensive income for the year ended December 31, 2011. Total equity stood at $119.7 million during that period.
A.M. Best also mentioned how Colina can avoid a negative rating going foward.
"Key rating factors for Colina returning to a stable outlook include improvement in its operating results, decreases in delinquency rates on its mortgage loan portfolio, continued growth and profitability in its core business lines and an overall improvement in the Bahamian economy," the release said.
"Key rating factors that may result in a negative rating action for Colina include further deterioration of operating results, continued weakness in its mortgage loan portfolio, further near-term reductions in interest rates and an overall deterioration of the Bahamian economic environment."
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