NAGICO Ibsurance, a Caribbean-wide firm, is Doing Business in Virgin Islands Without License

[TexasTowelie]

NAGICO INSURANCE, A CARIBBEAN-WIDE FIRM, IS DOING BUSINESS IN TERRITORY WITHOUT LICENSE, POTTER SAYS


Lieutenant Governor Osbert Potter, who also serves as the territory’s commissioner of Insurance, on Wednesday warned Virgin Islands property owners not to buy homeowners or commercial property and casualty insurance policies from National General Insurance Corporation (also known as “NAGICO”) N.V. NAGICO’s corporate head office is located in Philipsburg, St. Maarten.

“It has been brought to my attention that NAGICO has issued policies covering property located in the territory,” Mr. Potter said. “However, the records maintained by the Office of the Lieutenant Governor, Division of Banking, Insurance and Financial Regulation do not show NAGICO as being a licensed insurer or surplus lines insurer in the U.S. Virgin Islands.”

According to its website, the NAGICO Group has been in existence since 1982 and provides a myriad of property and casualty as well as life products and risk solutions to its customers, who are situated throughout the Caribbean.

“Through an exceptional understanding of the insurance business, our customers’ needs and the environment within which we operate, combined with the excellent support of our most valuable assets: our intermediary relationships, staff and reinsurance partners, the NAGICO Group has established an impressive and formidable presence in the Caribbean; operating within 21 territories,” the company said.

Read more: https://viconsortium.com/virgin-islands-2/nagico-insurance-a-caribbean-wide-firm-is-doing-business-in-territory-without-license-potter-says/