Sagicor becomes Cayman First

| 11/08/2010

(CNS): Following the purchase of Sagicor General Insurance by Bahamas First earlier this year the company will now be renamed and rebranded as Cayman First Insurance Company Limited. Although the Bahamian firm as purchased three quarters of the Cayman based insurance firm the Cayman Islands government has retained its 25% share in the company which it acquired as part of the insurance company’s settlement for government’s claim  in the wake of Hurricane Ivan. The firm’s management said this week that the new name captures the strong culture of the local market and reflects its dedication to customers, partners, employees and the community. Danny Scott, who has been at the helm of the firm since its Cayman General days remains President and CEO.

(CNS): Following the purchase of Sagicor General Insurance by Bahamas First earlier this year the company will now be renamed and rebranded as Cayman First Insurance Company Limited. Although the Bahamian firm as purchased three quarters of the Cayman based insurance firm the Cayman Islands government has retained its 25% share in the company which it acquired as part of the insurance company’s settlement for government’s claim  in the wake of Hurricane Ivan. The firm’s management said this week that the new name captures the strong culture of the local market and reflects its dedication to customers, partners, employees and the community. Danny Scott, who has been at the helm of the firm since its Cayman General days remains President and CEO.

 “Cayman First is committed to remaining at the forefront of the Cayman insurance market and providing its customers with high quality products and services to ensure exceptional value,” said Michael Gayle, Senior Vice President of Property & Casualty for Cayman First. “Our customers will benefit from the financial strength and stability of the Bahamas First Group while still retaining the assurance of the same local, accessible management team and staff members. It’s more than business as usual, in fact it’s business better than usual.”
 
The sound bite of ‘Business Better than Usual’ will be reflected in the coming months with enhancements and expansions to Cayman First’s product offering, providing customers with added value and enhanced service, the firm said.
 
 Bahamas First hasa financial strength rating of A-(Excellent), affirmed by insurance rating and information agency A.M. Best Co., reflecting strong capitalization, leading market presence and effective management. The acquisition of Sagicor General provides Bahamas First with a geographical diversity to its revenue base, while affording a continuation of quality protection for the clients of Cayman First, the company stated in a release.
 
Bahamas First said that it has been a market leader in The Bahamas general insurance market. Its subsidiary, Bahamas First General Insurance Company was the first local general insurance company to exceed US$100 million in premium income and enjoys the distinction of being the first locally capitalized property and casualty company in The Bahamas.
 
Established in 1984 as Cayman General and part of the Cayman National Corporation. the impact of claims from Hurricane Ivan led to the Cayman government acquiring a percentage of the firm which was bought by Sagicor Life in Jamaica. Following some $395-million loss from its operations in 2009 the firm sold on the Cayman part of Sagicor to Bahamas First in March of this year.
Print Friendly, PDF & Email

Category: Business

Comments (7)

Trackback URL | Comments RSS Feed

  1. Anonymous says:

    CAUTION Cayman!! Check the number of insurance companies which have been bought-out, changed names or gone belly-up in the last few years. Apart from those which have failed, could all the name changes and change of ownerships be a ‘smoke & mirrors’ attempt to hide problems, cover tracks or shift ‘assets’ before auditors discover irregularities, akin to ponzi scams.

        

  2. Beachboi says:

    Gov’t. should have sold that 25%.  Why hold on to it?  The way the economy is policy holders will undoubtedly be worse off if we were to experience another devastating storm like Ivan.  We need to recoup some of the 30 million that McKeewer gifted to Cayman Airways and Boatswains Beach.

  3. Anonymous says:

    Jesus! I’m just getting over the worries about my savings account at Butterfield and now I have to worry about my insurance policies at Sagicor/Bahamas First.

  4. Anonymous says:

    We hope that they not only change the name but also the type of policies being sold. After all the clients interest should also be in mind. Some years ago one could always buy a whole life policy and look forward to good results within a few years, but now the only policy that is worth the while buying is term. The price of a savings plan is ridiculous. The monetary  authority should  seriously look into these plans.

    • Anonymous says:

      This is not a life company…..Sagicor Life still exists.

      • Anonymous says:

        I have always wandered why Caymanians that have some cash whether from retirement or what have you, dont get together and form their own Insurance Company. Its really an insult when Agents try to fool you by telling you that its a Caymanian Company when in truth its either a Bahamian or Jamaican company and set up in Cayman. We need to pull together Boys and take control. We would be much better off having our own Caymanian Insurance Companys and Agents that we know.

        • Anonymous says:

          On another note, sales agents should be someone who is knowledgeable of investments. If you cant help yourself how can you come and tell me what I need to do. Now a days people are running around trying to sell us Insurance and they are less financial stable than we the Public, not even owning a home.