NAGICO Insurances, the largest privately owned General Insurance Company in the Caribbean, is pleased to announce that definitive agreement has been reached between parties and Peak Reinsurance Company Limited (“Peak Re”), the A.M. Best A- and Moody’s A3 rated global reinsurer, is to become its 100% owner, subject to regulatory approvals being received and other customary closing conditions being satisfied.
Since the initial investment by Peak Re in August 2016, as envisioned by the two 50% shareholders, NAGICO Insurances pursued growth opportunities and has expanded its life operations and footprint into the Eastern Caribbean region, and on the general insurance side it has continued to prove itself as a strong, reliable and trusted group having paid nearly $1 billion in claims following three CAT-5 Hurricanes: Irma, Maria and Dorian which devastated the region.
The Management and Board of NAGICO Insurances are excited by the development. “The outlook for NAGICO Insurances is positive,” said Kyria Ali, Interim CEO and Chief Strategy & Development Officer. “This transaction, when concluded, would result in the group being a wholly owned subsidiary of an A.M. Best A- and Moody’s A3 rated global reinsurer with approximately $1.5 billion 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.”
Both NAGICO Insurances and Peak Re will focus now on ensuring that all the necessary requirements for regulatory approval and closing conditions are met.