p>PHILIPSBURG:— NAGICO is backed by a suite of the world’s largest and strongest reinsurers, each of whom maintains a rating of at least A- from AM Best or Standard & Poors. NAGICO’s powerful reinsurance panel includes the likes of Swiss Re, Hannover Re, Munich Re, Partner Re, Peak Re and a number of Lloyds Syndicates; together the equity of these entities equate to well in excess of $125 billion US Dollars.
Since the passage of hurricanes Irma and Maria, NAGICO’s robust reinsurers have responded without hesitation. They have made substantial reinsurance recovery payments to NAGICO, amounting to more than $250 million US Dollars thus far, and NAGICO, in turn, has been steadily settling and paying its policyholders claims across the region. Peak Re, A- Excellent rated by AM Best with almost $1 billion US Dollars in equity, a 50% shareholder of NAGICO, has provided exceptional support to the regional insurance group. Peak Re has paid in full its portion of the gross loss caused by the two powerful CAT-5 storms to NAGICO.
“Based on NAGICO’s projected payment schedule, we are in the process of transmitting further reinsurance recoveries to NAGICO from their Catastrophe Excess of Loss Reinsurers.” said NAGICO’s reinsurance broker Thompson Heath & Bond Limited (THB). NAGICO expects to receive another $150 million US Dollars within short from its reinsurers as it continues to settle the greater than 12,000 claims it has received.
NAGICO Press Release
So why is it taking NAGICO so long to settle claims? Why have their competitors settled so much faster? Why is NAGICO cutting claims in half and playing the waiting game with policy holders hoping they settle for 40 cents on the dollar? Nagico: Definitely NOT Fair, Fast and Always There to screw you!!