NAGICO acquires British American Insurance Company N.V. (Curacao) and subsidiary in Aruba

On November 22, 2011, NAGICO Holdings Ltd. completed the acquisition of the shares of British American Insurance Company N.V., Curacao, including its subsidiary British American Insurance Company (Aruba) N.V. and branch operations on Bonaire and St. Maarten.

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British American currently has over 18,000 individual policy holders in the Dutch Caribbean. CEO of the NAGICO Group, Mr. Imran McSood-Amjad, confirmed that the acquisition is in line 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. 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. 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 Drs. J. Oosterwaal, who brings a long track record as a Life Insurance expert, having served in senior capacities in Holland, Asia and the Americas.

Mr. McSood-Amjad continued: "In the short-term, we will work towards integrating the NAGICO and British American operations. Over time, clients will be able to benefit from a wider range of insurance solutions as the product portfolio will be expanded. The product range will include Life, Pension, Health as well as Property and Casualty insurance". NAGICO is a dynamic group of companies with insurance operations on 16 territories across the Dutch, English and French Caribbean and plans are to expand to at least 19 territories by the end of 2012. The NAGICO Group now writes premiums of over USD 100 million and has total assets of over USD 125 million and the general insurance group operations carry the prestigious AM Best B++ rating. British American Insurance Company N.V. policy holders will shortly be informed directly on the benefits the acquisition will have for them and the operational transformation they may expect.