NAGICO Acquires British American Insurance Company in Curacao, Aruba

Press Release – November 1, 2011

NAGICO Holdings Ltd. recently completed the acquisition of the shares of British American Insurance Company in Curacao, including its subsidiary company in Aruba, as well as branch operations on Bonaire and St. Maarten.

The acquisition was completed on 22 November 2011. British American currently has over 18,000 individual policy holders in the Dutch Caribbean.

Chief Executive Officer of the NAGICO Group, Imran McSood-Amjad, said the acquisition is in keeping with NAGICO’s continued strategic expansion throughout the Caribbean. “Our insurance portfolio will be bolstered with a sizeable life insurance division, with the combined expertise of the staff and management of both companies,” he said.

“I am delighted that most of the policy holders of British American kept their policies in force while the parent company of British American experienced difficulties, and we are now happy to welcome them under the NAGICO umbrella,” added Mr. McSood-Amjad. “Most of the staff and agents also remained loyal and I look forward to counting them among the NAGICO family.”

British American will be headed by Managing Director Dr. J. Oosterwaal, who brings a long track record as a life insurance expert, having served in senior capacities in Holland, Asia and the Americas.

In the short-term, NAGICO will work to integrate its operations with that of British American. Over time, clients will be able to benefit from a wider range of insurance solutions as the product portfolio will be expanded to include life, pension, health, property and casualty insurance.

British American policy holders will shortly be informed directly on the benefits the acquisition will have for them and the operational transformation they may expect.

NAGICO has insurance operations on 16 territories across the Dutch, English and French Caribbean, with plans to expand to at least 19 by the end of 2012. The NAGICO Group now writes premiums of over U.S. $100 million and has total assets of over U.S. $125 million.


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