Ennia reacts to alarming FD-article “Interests of all policy holders are sufficiently guaranteed”POSTED: 06/13/16 12:25 PM
St. Maarten News – Insurance Company Ennia regrets an article published in the Financieele Dagblad of yesterday. Under the headline ‘Antillean insurer sucked dry’ the article suggests that Ennia does not have sufficient reserves to cover the damages incurred by for instance a hurricane for all of its policy holders.
Ennia management reacted to the publication with the following statement.
“Ennia regrets the publication of the article in the FD of June 10. It is based on a confidential report of the Dutch National Bank of June 2015. The article is about the subject of investments that has been discussed already previously and that is based on information that has been taken out of context. The article also mentions several important data that are incorrect. What the article states about Mullet Bay is factually incorrect.
“Ennia is a professional insurance company that has been established in the Antilles for 68 years. Since the takeover from Delta Lloyd by the Ansary group in 2005 equity has increased from 31.5 to 269 million guilders per the end of 2015.
Total assets increased from 909 million in 2005 to 2 billion guilders per the end of 2015; the mandatory provisions that have to be maintained to guarantee the interests of all policy holders increased from 790 million in 2005 to 1.7 billion guilders per ultimo 2015.
It is common knowledge that since the financial crisis of 2008, the solvency rules banks, insurance companies and other financial institutions have to meet have become much stricter worldwide. This is also the case in Curacao and Bonaire where the Central Bank of Curacao and Sint Maarten and the Dutch National Bank are tasked with supervision.
“Ennia has always worked closely together with the supervisors to make sure that it complies with legislation and regulations. In this context we are convinced that the interests of all policy holders are and will be more than sufficiently guaranteed.”