Bahamas First General Insurance

Bahamas First was established in 1982 and commenced trading in January 1983. The first two agencies to share this vision were Nassau Underwriters Agency Ltd. and Basil Burnside Ltd., representing The Royal Insurance (UK). Quentin Chisnall who was Managing Director at Nassau Underwriters at the time was among the first Directors of the company and remained a member of the Board of Directors for many years. In addition to the founding agencies, several other well established agencies were subsequently appointed to provide a more diversified distribution channel, and to engender confidence in the company. Bahamas First's business strategy at the time was to act as a low cost, control centre providing technical expertise and reinsurance support to agencies which were responsible for business production, and the associated functions of claims and policy administration. The underwriting approach of the company was very conservative, avoiding involvement in large commercial risks, leading to a risk profile on the property account that was weighted towards personal lines rather than commercial accounts. This weighting remained fairly constant throughout the company's development. Over the years several other well-established agencies have been appointed, and competitors have been acquired, resulting in a more diversified distribution channel and a solid infrastructure that has resulted in a strong record of sustained growth and development. In 1996, Bahamas First became a wholly-owned subsidiary of Bahamas First Holdings. Two years later, The Royal Insurance's 20 per cent interest in BFG was acquired, giving Bahamian shareholders 100 per cent control of the company. The principal assets of the Group are maintained by Bahamas First and the parent company is committed to maintaining the optimal level of capital, free reserves and solvency margins needed to support the company's net premium writings and Regulatory Requirements.