FAQ

1. Who owns Cayman First?

Bahamas First, the market leader in general insurance in The Bahamas has bought the majority share holding in Sagicor General (75.24%). The Cayman Islands Government continues as a 24% shareholder.  With the sale, the name Sagicor General will cease to exist and the new company will be called Cayman First effective  August 2010.

Sagicor Life, an entirely separate company, will continue to operate as a life insurance company in the Cayman market but will not be associated with Cayman First in anyway.

2. What can you tell me about Bahamas First?

Bahamas First General, the main subsidiary of the Group, was established in 1982 and commenced trading in January 1983. In 1996, it became a wholly-owned subsidiary of Bahamas First Holdings. Two years later, The Royal Insurance’s 20 per cent interest in the company was acquired, giving Bahamian shareholders 100 per cent control of the company. In 2007 the company welcomed the shareholding interest of the Economical Insurance Group, one of the largest P&C insurers in Canada. 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. Bahamas First enjoys a financial strength rating of A-(Excellent) from A. M. Best which reflects its strong capitalization, leading market presence and effective management. They are committed to their customers, partners, employees and the community, and recognizes the vital role each plays in making them “First In Insurance. Today. Tomorrow.”

3. Will my policy remain in place or will I have to complete new paperwork?

Your policy will remain in place under the same terms and conditions. When your policy reaches its natural expiry date, we will send the renewal on the new Cayman First letterhead.

4. Will insurance prices change?

We do not plan to change our prices at this time. However if we are able to secure cheaper insurance rates through our Group and are able to pass these on to our customers, we will be sure to let you know.

5. Will insurance plans change?

Your existing plans will remain in place. However, one of the benefits of being part of an international group is that new products and plans may be introduced, and as one of our valued customers we will be sure to let you know when they become available.

6. Will I have to reapply for my insurance or will my plan(s) remain in place?

You will not have to reapply. Your policy will remain in place.

7. Will there be any improvements?

Yes that’s our goal -
As well as financial strength and leadership we hope to benefit from a wider range of products and services along with improved customer service and technology to make doing business with us easy.

8. Will there be new policies?

Yes. Through our association with our new parent company, we will be able to offer new products and services in the coming months.