Overview

Insurance Company of The Bahamas Limited celebrated its 20th full year of operations at the end of 2016. The Company has now matured into one of the leading general insurance companies in The Bahamas. There is no doubt that a major factor in our progress has been the success of our exclusive agency arrangement with our partners J.S. Johnson & Company Limited. Working with a single underwriting agent has enabled us to simplify our systems and minimize our administration costs. More importantly, however, the management of both companies has been able to develop a common understanding of the dynamics of our businesses and our marketplace.

Our History

Insurance Company of The Bahamas Limited (ICB) was incorporated in the Bahamas on the 21st of January 1997 with a view to writing all classes of non-life insurance business. ICB was formed as a joint venture between General Accident Fire and Life Assurance Company Limited (GAFLAC) and the agents J.S. Johnson & Company Limited (JSJ) and was capitalized to the tune of $3 million.

The intention behind establishing ICB was that it would ultimately write the JSJ book of business written by GAFLAC, the latter having announced its intention to effect a strategic withdrawal from the Caribbean region in 1996. Under a tripartite agreement, JSJ transferred the GAFLAC portfolio to ICB over a four year period. The process was completed at the end of year 2000 at which time GAFLAC disposed of its ICB shareholding to JSJ and other local shareholders, under a buy-back agreement. J.S. Johnson now holds 40% of the shares in ICB.

On the 23rd of February 2004, ICB obtained a licence to write business in the Turks and Caicos Islands.

In December 2005, the Company moved from its temporary Nassau location in the Plaza, on Mackey Street to its new permanent home at 33 Collins Avenue. The 21st of January 2017 represented a milestone for ICB as the Company completed its twentieth full year of operations.

Our Vision

By providing the highest quality of professional service at a price that represents value for money, Insurance Company of The Bahamas Limited aims to be one of the top general insurance companies in the market in terms of profitability, balance sheet strength and market share.

Within our small team of professional staff, we strive for excellence in all that we do. We value our partners and our customers and continuously strive to find ways of improving our efficiency in all of our dealings with them.