NAGICO Group acquires GTM Insurance

POSTED: 01/23/12 8:01 PM

Chairman of the Supervisory Board of NAGICO Michael Bishop, Board Member NAGICO/GTM Lisa Fulchan, General Manager NAGICO/GTM Christopher Henriques, NAGICO Group Chief Executive Officer Imran McSood-Amjad and his wife Farina Amjad, NAGICO/GTM Board Member Mark Teelucksingh, NAGICO’s Director of Finance & Operations Glenville Blake and NAGICO’s Director of Information Technology Vincent Haakmat lift their glasses in the champagne toast to launch NAGICO Group’s acquisition of  GTM Insurance Company Ltd. (Chatterphoto photo)

St. Maarten – NAGICO Insurances Group officially announced and celebrated the acquisition of Trinidad based GTM Insurance Company Ltd with a grand champagne evening at the Chamber of Commerce building at Westmoorings, Port of Spain on January 20. The event, which included a cocktail reception, was attended by business leaders, agents, brokers, executive management of NAGICO and management and staff of the local NAGICO/GTM Company.
Chairman of NAGICO’s Supervisory Board of Directors, Michael Bishop, offered opening remarks in which he thanked the Central Bank of Trinidad & Tobago for their cooperation and guidance in obtaining the operating license. He also confirmed NAGICO’s long term commitment to Trinidad & Tobago, the clients, brokers and agents and emphasized the financial responsibility of NAGICO across 16 territories in the Dutch, English and French Caribbean. The company acts in compliance with all regulatory authorities in each territory.

Chief Executive Officer of the NAGICO Group Imran McSood-Amjad gave the audience a general overview of the company and outlined his vision for the local company. The company has temporarily been branded NAGICO/GTM ahead of assuming a full NAGICO branded identity in the near future.
“NAGICO’s financial stewardship is outstanding and we are proud to state that the general insurance group operations carry the prestigious AM Best B++ rating. The GTM acquisition is in line with NAGICO’s continued strategic expansion throughout the Caribbean as plans include expansion to 19 territories by the end of 2012,” McSood-Amjad said.

NAGICO/GTM’s General Manager Christopher Henriques revealed that the acquisition had allowed them to hire new staff and implement a management trainee program to accommodate the growth of the company.
NAGICO’s Director of Finance & Operations, Mr. Glenville Blake, gave a financial overview of NAGICO.
“NAGICO writes premiums of almost TT$ 600 million (USD 95 million) and has total assets of approximately TT$ 730 million (USD 115 million). NAGICO’s solvency is 300% above regulatory obligations,” Blake said.

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