The Tribune

By Neil Hartnell

Tribune Business Editor

nhartnell@tribunemedia.net

Bahamas First enjoyed a positive $5.8m swing into profitability for the first nine months of 2025 driven by flat net claims and a 19.6 percent improvement in insurance revenue.

Allison Treco, the BISX-listed property and casualty insurer’s executive chairman, told shareholders in the report for the 2025 third quarter and nine months to end-September that its performance stemmed largely from a strong showing by its Bahamian operations which more than offset some softness in the Cayman Islands subsidiary.

“For the nine months ended September 30 2025, the group reported total comprehensive income of $4.7m - a $5.8m improvement over the total comprehensive loss of $1.1m in the comparative period for 2024,” Ms Treco wrote.

“This positive result was driven by a strong performance from our Bahamas property and casualty segment reflecting higher insurance revenue, lower operating expenses and revaluation gains on property.”

She added: “In the Bahamas property and casualty segment, insurance revenue rose by 8.3 percent relative to the same period in the prior year, primarily driven by growth in the motor line of business. As net claims remained relatively flat, this revenue growth resulted in a 19.6 percent increase in the insurance service result.

“While the Cayman property and casualty segment recorded higher gross premiums written, this was offset by more ceded premium from the property line of business, resulting in a flat movement in the total insurance service result for the Cayman segments from prior year.

“Other operating expenses improved by $0.8m, assisted by lower credit impairment losses and expense reversals attributed to the triennial building revaluation exercise. The revaluation gains from property also boosted other comprehensive income by $2.7m during the quarter.”

As for the three months to end-September 2025, representing the third quarter, Ms Treco wrote: “The group recorded total comprehensive income of $4.5m compared to $2.6m for the same period in 2024.

“The 2025 third quarter insurance service result was $0.4m lower than the same period last year. The revaluation gains noted previously were fully recorded during the third quarter and were narrowly offset by a $0.4m decline in unrealised gains on investments, thus increasing other comprehensive income relative to the 2024 third quarter.”