The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A pan-Caribbean insurer with a Bahamian subsidiary yesterday confirmed that Peak Reinsurance Company has agreed to acquire 100 percent of the group subject to closing conditions and regulatory approvals.

NAGICO Insurances, the privately-owned general insurer, said the two sides had reached agreement on the acquisition. Since the initial investment in the group by Peak Reinsurance in August 2016, NAGICO said it has pursued growth opportunities and expanded its life operations and footprint into the Eastern Caribbean.

On the general insurance side, it has paid nearly $1bn in claims following three Category Five hurricanes that devastated the region - Irma, Maria and Dorian.

“The outlook for NAGICO Insurances is positive,” said Kyria Ali, its interim chief executive and chief strategy and development officer. “This transaction, when concluded, would result in the group being a wholly owned subsidiary of an AM Best A- and Moody’s A3 rated global reinsurer with approximately $1.5bn in equity, thereby further strengthening our profile and broadening our reach.

“In addition, our mutual desire to harness the power of technology and deliver exceptional service augurs well for our clients in the near-term.” NAGICO Insurances said itself and Peak Re will now focus on ensuring all the necessary requirements for regulatory approval and closing conditions are met.