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‘No need to fear’ over Scotiabank-NUA deal

Bahamas First’s top executive yesterday dismissed concerns over its wholly-owned agency’s tie-up with Scotiabank, saying: “The market doesn’t need to fear there’ll be unfair competition.”

Insurers warn on ‘double digit’ auto repair increase

Bahamian insurers yesterday warned they are examining “high double digit increases” in auto repair costs to determine if an increase in motor vehicle premiums is justified over the medium to long-term.

Bahamas First profiting in year-end turnaround

Bahamas First yesterday revealed it overturned a near-$1m loss for the first nine months of 2021 with a strong finish that left annual profits just 10 percent down on prior year levels.

Bahamas First says portal ‘won’t marginalise’ agents

Bahamas First’s top executive yesterday reassured that its new online insurance portal will “not marginalise” agents and brokers, and had been created “in lock step” with the law and regulations.

Bahamas First rebounds over $5m motor drop-off

Bahamas First’s top executive yesterday said it has made solid progress in recovering the $5m fall-off in motor premiums suffered in 2020, but added: “We don’t want to count our chickens before they hatch.”

Bahamas First sees top ratings affirmed

Bahamas First’s “favourable operating performance” amid COVID-19’s economic stresses saw its credit and financial strength rankings upheld by the top global insurance rating agency.

Bahamas First sees Q1 losses increase 50%

Bahamas First yesterday blamed a decline in the value of its investment holdings and a $4.1m year-over-year reversal on its Cayman health insurance portfolio for a $1.344m first quarter loss.

Mortgage Corp suspensions ‘not tied’ to forged cheques

The Bahamas Mortgage Corporation’s (BMC) chairman yesterday said the suspension of four “management level” executives is “definitely not linked” to a separate probe into fraudulent cheques.

Insurer: ‘No full blown rate increases’ in 2021

Bahamas First’s top executive yesterday said the general insurer has no plans for “a large, full blown rate increase across the board” in 2021 after more than a year of post-Dorian hikes.

'Worrying' growth in uninsured accidents

Bahamas First's top executive yesterday revealed that COVID-19 restrictions have produced a "noticeable" drop in motor vehicle claims despite a "worrying" increase in uninsured driver accidents.

Mortgage Corp: Taxpayer bail-out is 'not an option'

A taxpayer-funded bail-out is "not an option" for repaying the Bahamas Mortgage Corporation's $110m bond debt that will start coming due within three years, its chairman said yesterday.

Policyholders in 'huge effort' to keep insurance coverage

A major Bahamian insurer yesterday credited the "Dorian effect" for sparking "a huge effort" by companies and individuals to maintain coverage despite COVID-19's devastating financial impact.

Bahamas First closes $4.28m premium 'gap'

Bahamas First’s top executive yesterday said the insurer has largely closed a $4.276m premium income “gap” that opened towards the 2020 first quarter end due to the COVID-19 lockdown. Patrick Ward, the property and casualty underwriter’s president a

Insurers warned: Do not keep 'eggs in one basket'

A top insurer says Bahamian underwriters will find it increasingly difficult to survive “long-term” unless they diversify into other territories.Patrick Ward, Bahamas First’s president and chief executive, told Tribune Business in a recent interview

Bahamas First provides $65m boost to BISX

Bahamas First yesterday delivered a $65m boost to the Bahamas International Securities Exchange (BISX) by becoming the first general insurer to list on it.Patrick Ward, pictured, Bahamas First’s president and managing director, told Tribune Business

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