NASSAU, BAHAMAS — Bahamas First yesterday said growth in its top-line revenue accelerated in the fourth quarter when it generated a comprehensive income of nearly $6 million.
Patrick Ward, group president and CEO of Bahamas First, while commenting on the BISX-listed insurer’s unaudited results for the 12 months ended December 31, 2021, noted: “The growth in top-line revenue that we experienced during 2021 accelerated in the fourth quarter, resulting in an 11 percent increase for the full year, compared to 2020.”
Ward noted that gross written premiums for 2021 finished at $178 million, compared to a total of $161 million in the prior year.
“We achieved growth in almost every line of business in both jurisdictions, and we were particularly pleased to see meaningful growth in our main lines of property, motor and health,” said Ward.
“This outcome was the result of a combination of rate increases, strong retention and new business acquisition. We will see the full benefit of this robust growth in subsequent quarters during 2022.”
Ward noted that investment results for Q4-2021 also improved, due primarily to the clawback of unrealized losses in the insurer’s equity investments.
“Coming in at $2 million, actual gross claims associated with Tropical Storm Grace, which occurred in Cayman during August 2021, have been lower than the original estimated incurred loss of $2.3 million, as we continue to settle 147 claims filed for this event,” said Ward.
“Collectively, all of these developments have allowed the company to generate comprehensive income in the fourth quarter of $5.8 million, compared to the prior year result of $1.5 million.”
He added: “For the full year, the group’s comprehensive income improved significantly to $4.8 million, from the comprehensive income reported for the nine-month period ended September 30, 2021.
“On the strength of these results, the directors were able to authorize the payment of a final dividend of four cents per ordinary share during December 2021, bringing the total payout during 2021 to eight cents per ordinary share or $2.9 million.”
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