NAGICO Group acquires GTM Insurance Company in Trinidad

Press Release – January 31, 2012

The acquisition of GTM Insurance Company Ltd. by the NAGICO Insurances Group was officially celebrated during a grand champagne evening on Friday 20 January at the Chamber of Commerce building at Westmoorings, Port of Spain in Trinidad.
Many prominent guests attended the event including business leaders, agents, brokers, executive management of NAGICO, and management and staff of the local NAGICO/GTM company.

Chairman of the Board of Directors, Mr. Michael Bishop, in opening remarks, thanked the Central Bank of Trinidad and Tobago for their cooperation and guidance in obtaining the operating licence. He also confirmed “NAGICO’s long term commitment to Trinidad and Tobago, the clients, brokers and agents, and emphasized the financial responsibility of NAGICO across 16 countries in the Dutch, English and French Caribbean, which includes compliance with all regulatory authorities.”

Chief Executive Officer of the NAGICO Group, Mr. Imran McSood-Amjad, gave a general overview of NAGICO and outlined his vision for the company, temporarily branded as NAGICO/GTM before assuming a full NAGICO brand and 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,” he said.

The CEO stated that 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.

General Manager of NAGICO/GTM, Mr. Christopher Henriques, noted, that after the acquisition was completed in October 2011, the company hired new staff and implemented a management trainee programme to accommodate the growth of the company with the best people in the industry.

NAGICO’s Director of Finance and Operations, Mr. Glenville Blake, gave a financial overview of NAGICO. “NAGICO writes premiums of almost TT$ 600 million (US$95 million) and has total assets of approximately TT$ 730 million (US$115 million),” he said. He emphasized that the solvency of NAGICO is 300 percent over regulatory obligations.

The ceremony concluded with a Champagne toast followed by a cocktail reception.

From left to right: Mr. Michael Bishop, Chairman of the Supervisory Board of NAGICO,
Ms. Lisa Fulchan, Board Member NAGICO/GTM, Mr. Christopher Henriques,
General Manager NAGICO/GTM, Mr. Imran McSood-Amjad, Group Chief Executive Officer,
NAGICO, Mrs. Farina Amjad, Wife of Group CEO, NAGICO, Mr. Mark Teelucksingh,
Board Member NAGICO/GTM, Mr. Glenville Blake, Director of Finance & Operations, NAGICO,
and Mr. Vincent Haakmat, Director of Information Technology, NAGICO.
Picture, courtesy of Chatterphoto, Trinidad and Tobago.

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