Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697631588394.pdf (Antigua and Barbuda)
Insurance Division FINANCIAL SERVICES REGULATORY COMMISSION NEWSLETTER INAUGURAL EDITION ISSUE NO.

1 JUNE 2020 WHAT’S INSIDE?

Introductory Note: We are pleased to present to you the first  Introductory Note & Limita- tions Industry Overview   Our Focus  Highlights & Updates  Insurers and Intermediaries Directory issue of our Insurance Division Quarterly Newsletter.
As promised during our 2019 sector meeting we intend to provide you with quarterly financial statistics based on the performance of the sector.

As at March 31, 2020, there were twenty (20) insurance companies and one (1) Association of Underwriters operating in Antigua and Barbuda.

Of the twenty entities, one was under judicial manage- ment and one under liquidation.
Insurance intermediaries comprised of three (3) insurance brokers, nine (9) insurance agents (1 unregistered), and 115 cer- tificate holders of registration as insurance sales representatives.

The infor- mation contained in this report has been extracted from the quarterly unaudit- ed returns submitted to the Financial Services Regulatory Commission (the Commission) by these companies.
Did you know….. That the International Accounting Standards Board (IASB) has is- sued a final version of the International Financial Reporting Stand- ard Insurance Contracts Standard.

- IFRS 17, replacing its pre- decessor IFRS 4 and will become effective for annual periods beginning on or after January 1, 2023.

Please see Circular 2 of 1 2020.

THE FINANCIAL SERVICES REGULATORY COMMISSION NEWSLETTER INAUGURAL EDITION ISSUE NO.
1 JUNE, 2020 INSURANCE DIVISION ly driven by changes to Head Office Account of $38.14M (of which 62.14% or $23.80M was from one insurer), an increase in reserves of $28.21M offset by negative move- ment of $29M in Retained Earnings between Q1 2019 and Q1 2020 and similarly concentrated in a single insurer.

(See Figure 2) Industry Overview: (Q1 2019) The Insurance Industry asset base grew by 16% for Q1 2020 moving from $534.23M to $620.55M (Q1 2020).
Of note is the growth in accounts receivable of 33% ($20.01M) to $77.83M at the end of Q1 2020 compared to the same period last year.

A significant portion of total assets, 62% ($384.22M) are held in income gen- erating investments as at Q1 2020.

Asset classes with the highest pro- portions were cash and deposits which account for 25% ($151.12M), 17% government ($105.36M) and investments in real estate 10% ($63.47M) (See Table 1 and Figure 1).
securities Total liabilities rose 18% for this quarter moving from $303.95M (Q1 2019) to $358.50M (Q1 2020).

This was due mainly to a 190% (20.94M) upward movement in Other Liabili- ties mainly attributed to one insur- er, which based on all indications is a one-off event.

Total capital and reserves grew by 14% ($31.77M) in Q1 2020 when compared to Q1 2019, a change in direction from the previous Q1 2018 and Q1 2019 comparison, which saw a decrease of 22% ($64.62M) (See Table 1).
A further breakdown of capital and reserves showed that the results were main- OUR FOCUS Cyber Resilience: The sharp in- crease in usage of IT infrastructure due to work from home arrange- ments caused by social distancing protocols could lead to increase that your cyber-attacks.

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1 JUNE, 2020 INSURANCE DIVISION Table 1: Statistical Information and Financial Position of the Industry Balance Sheet Total Cash, Loans & Investments Accounts Receivable Total Assets Total Liabilities Total Capital & reserves 2020 Q1 Previous Quarter 2019 Q1 2018 Q1 M$ M$ M$ M$ Annual Change 2020 Q1/ 2019 Q1 % 384.22 382.70 369.21 411.72 77.83 620.55 358.50 262.04 57.82 66.66 534.23 606.45 303.95 344.93 230.27 261.52 Key Industry Performance Ratios 70.60 620.74 323.86 294.89 4% 35% 16% 18% 14% Solvency Ratio Liquidity Ratio Return on Assets Return on Capital Insurance Risk Ratio 73.09% 93.29% 1.51% 3.57% 15.74% 75.82% 94.84% -1.62% -3.75% 16.92% 75.76% 107.13% 2.46% 5.70% 21.7% 91.06% 122.59% 1.05% 2.22% 13.35% The industry total gross premium written stood at $70.11M at the end of the first quarter 2020 a 7% decrease from $75.72M in 2019 Q1.
The long term business segment (LT) recorded a decline of 20% from the previous year quarter.

General business (GB) did not suffer the same fate; rather the re- sults mirrored that of Q1 2019.

General business was the largest contribu- tor to the industry, accounting for 69.5% of total gross premium written.

(See Figure 3 ) 3 THE FINANCIAL SERVICES REGULATORY COMMISSION NEWSLETTER INAUGURAL EDITION ISSUE NO.
1 JUNE, 2020 INSURANCE DIVISION Figure 3 Insurance Industry Change in Gross Premium Written from Q1 2019 to Q1 2020 2019 2020 Overall, net income before tax was $9.36M, a decrease of 29% or $3.77M in Q1 2020 relative to Q1 2019 output of $13.13M.

Contributory factors were a 9% de- cline in net premiums earned, along with a 13% increase in incurred claims.

(See Table 2).
Table 2: Q1 2020 Statistical Information and Financial Position of the Industry Income Statement 2020 Q1 Previous Quarter 2019 Q1 2018 Q1 Gross Premiums Written (GB) Gross Premiums Written (LT) Total Gross Premiums Written Net Premiums Written Net Premiums Earned (GB) Incurred Claims (GB) Total Policy Holder Benefits (LT) Management Expenses Underwriting Income (Loss) (GB) Net Income Before Tax (IBT) Net Income After Tax (IAT) M$ 48.74 21.37 70.11 41.25 21.84 10.06 6.88 16.04 2.83 9.36 8.64 M$ 43.86 24.29 68.14 44.23 19.32 8.88 18.07 25.44 -3.40 -9.81 -13.20 M$ 48.85 26.87 75.72 49.97 24.07 8.94 14.29 15.31 6.22 13.13 12.89 M$ 44.36 18.21 62.57 39.34 22.88 8.91 8.85 13.53 4.10 6.53 6.16 Annual Change 2020 Q1 / 2019 Q1 % 0% -20% -7% -19% -9% 13% -52% 5% -55% -29% -33% 4 THE FINANCIAL SERVICES REGULATORY COMMISSION NEWSLETTER INAUGURAL EDITION ISSUE NO.
1 JUNE, 2020 INSURANCE DIVISION HIGHLIGHTS & UPDATES Meeting: We conducted our first Insurance Sector Meeting for the year on June 10, 2020 with focus on the increasing number of motor claims/accidents.

Thank you to all who participated and special thanks to representatives from the Royal Police Force of Antigua & Barbuda Traffic Department and the Antigua & Barbu- da Transport Board for presenting their statistics and participating in the discus- sion.
Training: The management and staff of the Insurance Division participated in Module 1 of a Risk-Based Approach to AML/CFT Supervision and Monitoring Work- shop hosted by The World Bank, May 12-13, 2020.

 On June 9, 2020 the Insurance Team participated in a discussion with the Cayman Islands Monetary Authority on reinsurance arrangements under the topic “Reinsurance arrangements: Forming a view on the adequacy of a CAT reinsurance program - the role of home/host regulator” .
The session was or- ganized by the Caribbean Association of Insurance Regulators (CAIR)  On June 26, 2020, the Insurance Team was involved in an ECCU workshop on “Stress Testing Model and the Development of Scenarios (including pandemic) “ organized by the Caribbean Regional Technical Assistance Centre (CARTAC) Upcoming Training and Development: As part of our ongoing training pro- gram, members from the team will be participating in the following:  Toronto Centre Virtual International Leadership Program for Insurance and Pensions Supervision on July 20-22, 2020 under the topic “Crisis Manage- ment, Technology Risk and Climate Change: How To Integrate These Threats Into Supervisory Risk Assessment?” Insurers Directory ABI INSURANCE COMPANY LTD. (Active) Classes: General & Long Term 156 Redcliffe Street, P. O.
Box 2386, St. John's, Antigua Tel: 484-6400 Fax: 562-8238 Email: info@abiinsurancecoltd.com Website: www.abiinsurancecoltd.com AMERICAN HOME ASSURANCE CO. (Active) Class: General c/o Selkridge Insurance Agency Ltd. Mahogany Drive, Gambles, P.O.

Box W306, St. John's, Antigua Tel: 462-2042 Fax: 462-2466 Agent: Selkridge Insurance Agency Ltd. (Registered) Email: c.selkridge@selkridgeinsuranceantigua.com Website: www.aig.ag 5 THE FINANCIAL SERVICES REGULATORY COMMISSION NEWSLETTER INAUGURAL EDITION ISSUE NO.
1 JUNE, 2020 INSURANCE DIVISION Insurers Directory ANTIGUA INSURANCE COMPANY LTD. (ANICOL) (Active) Class of Business: General Long Street, P.O.

Box 511, St. John's, Antigua Tel: 480-9000/1/2/3 Fax: 480-9035 Email: anicol.sk@gmail.com Website: www.anicolinsurance.com BRITISH AMERICAN INSURANCE COMPANY LTD. (Under Judicial Management) Judicial Manager: Cleveland Seaforth c/o BDO Eastern Caribbean Cnr.

Factory Road and Carnival Gardens, P.O.


Box 3109, St. John’s, Antigua Email: Clevelandseaforth@bdoecc.com CARIBBEAN ALLIANCE INSURANCE COMPANY LTD. (Active) Class of Business: General Caribbean Alliance House, Cnr.

Newgate & Cross Streets, P.O.
Box 1609, St. John's, Antigua Tel: 481-2900 Fax: 481-2950 Agent: A.M. Insurance Agency (Registered) Agent: Kelsick Insurance Agency (Not Registered) Agent: Selkridge Insurance Co. Ltd. (Registered) Email: enquiries@caribbeanalliance.com Website: www.caribbeanalliance.com CLICO INTERNATIONAL LIFE INSURANCE LIMITED (Under Liquidation) Judicial Manager: Deloitte Consulting Ltd. represented by Patrick Toppin The Goddard Building, Haggatt Hall, St. Michael Barbados, BB11059 Website: www.clicolife.com/_layouts/15/start.aspx#/SitePages/Home.aspx CUNA CARIBBEAN INSURANCE (OECS) LIMITED (Active) Class of Business: Long-Term c/o Bryson’s Insurance Agency Friars Hill Road, P.O.
Box 162, St. John's, Antigua Tel: 480-1220 Fax: 462-5538.

Agent: Bryson’s Insurance Agency (Registered) Email: mparchment@brysonsinsurance.com GENERAL INSURANCE COMPANY LTD. (Active) Class of Business: General Upper Redcliffe Street, P.O.

Box 340, St. John's, Antigua Tel: 462-2346 Fax: 462-4482 Email: info@gicantigua.com Website: www.gicantigua.com GK INSURANCE (EASTERN CARIBBEAN )LIMITED (Active) Class of Business: General c/o Star Insurance Agency P.O.
Box W2157, St. John’s, Antigua Agent: Star Insurance Agency (Registered) Email: managerffcp@gmail.com Website: www.gracekennedy.com/thegroup/financial-services/ insurance/ GUARDIAN GENERAL INSURANCE LTD. (Active) Class of Business: General c/o Kenneth A. Gomez & Sons #6 Royal Palm Place, Friars Hill Road, P.O.
Box 195, St. John's, Antigua Tel: 481-1850 Fax: 481-1859 Agent: Kenneth A Gomez & Sons (Registered) Email: insurance@kagomez.com Website: www.overseas.myguardiangroup.com/guardian-general-insurance/eastern-caribbean-states ISLAND HERITAGE INSURANCE COMPANY LTD. (Active) Class of Business: General c/o Bank of Nova Scotia, High Street, P.O.
Box 342, St. John's, Antigua Tel: 480-1500 Fax: 480-1554 Agent: Bank of Nova Scotia (Registered) Email: althea.walter@scotiabank.com Website: islandheritageinsurance.com LLOYDS UNDERWRITERS - (Association of Underwriter) (Active) Class of Business: General C/O Bryson’s Insurance Agency Friars Hill Road, P.O.

Box 162, St. John’s, Antigua 6 THE FINANCIAL SERVICES REGULATORY COMMISSION NEWSLETTER INAUGURAL EDITION ISSUE NO.
1 JUNE, 2020 INSURANCE DIVISION Insurers Directory MASSY UNITED INSURANCE LIMITED (Active) Class of Business: General Woods Centre, Friars Hill Road, St. John’s, Antigua Tel: 480-3050 Fax: 480-3064 Agent: Anjo (Insurances) (Division of AWH Holdings LTD.) (Registered) Agent: CIBC First Caribbean Insurance Agent (Registered) Email: anjo_ins@candw.ag Website: www.massyunitedinsurance.com NATIONAL GENERAL INSURANCE CO (NAGICO) (N.V.) (Active) Class of Business General c/o Bryson's Insurance Agency Friars Hill Road, P.O.
Box 162, St. John's, Antigua Tel: 480-1220 Fax: 462-5538 Agent: Bryson’s Insurance Agency (Registered) Email: mparchment@brysonsinsurance.com Website: www.nagico.com/?territory=Antigua NETHERLANDS INSURANCE COMPANY (W.I.)

LIMITED (Active) Class of Business: General c/o Kenneth A. Gomez & Sons #6 Royal Palm Place, Friars Hill Road, P.O.
Box 195, Antigua Tel: 481-1850 Fax: 481-1859 Agent: Kenneth A Gomez & Sons (Registered) Email: insurance@kagomez.com Website: WWW.netherlands.co.gd/ PAN AMERICAN LIFE INSURANCE COMPANY EASTERN CARIBBEAN LIMITED (Active) Class of Business Long-Term c/o Selkridge Insurance Agency Ltd. Mahogany Drive, Gambles, P.O.
Box W306, St. John's, Antigua Tel: 462-2042 Fax: 462-2466 Agent: Selkridge Insurance Agency Ltd. (Registered) Email: cselkridge@paligagent.com Website: www.palig.com/eastern-caribbean PIC INSURANCE COMPANY LIMITED (Active) Class of Business: General & Long-Term #42 Nevis Street, St. John's, Antigua Tel: 481-3740 Fax: 481-3759 Email: info@picinsuranceanu.com Website: www.picinsuranceanu.com SAGICOR GENERAL INSURANCE INC. (Active) Class of Business: General No.
9 Sir Sydney Walling Highway, St. John's, Antigua Tel: 480-5555 Fax: 480-5520 Email: keith_herbert@sagicorgeneral.com Website: www.sagicorgeneral.com SAGICOR LIFE INC. & SAGICOR LIFE (EASTERN CARIBBEAN) INC. (Active) Class of Business: Long-Term No.

9 Sir Sydney Walling Highway, St. John's, Antigua Tel: 480-5550 Fax: 480-5520 Email: marisia_james@sagicor.com Website: www.sagicor.com SCOTIA INSURANCE EASTERN CARIBBEAN LIMITED (Active) Class of Business: Long-Term C/o Bank of Nova Scotia High Street, P.O.
Box 342, St. John’s, Antigua Tel: 480-1500 Fax: 480-1554 Agent: Bank of Nova Scotia (Registered) Email: althea.walter@scotiabank.com Website: www.scotiabank.com STATE INSURANCE COMPANY LIMITED (Active) Classes of Business: General & Long-Term Redcliffe Street, P.O.

Box 290, St. John's, Antigua Tel: 462-3945 Fax: 481-7860 Email: info@sicantigua.com Website: www.sicantigua.com SUN GENERAL INSURANCE INC. (Active) Class of Business: General #2 Woods Centre, Friars Hill Road, St. John’s, Antigua.
Tel: 481-2715 Fax: 481-2713 Email: sherrie-ann.brazier@sungeneral.net Website: www.sungeneral.net 7 THE FINANCIAL SERVICES REGULATORY COMMISSION NEWSLETTER INAUGURAL EDITION ISSUE NO.

1 JUNE, 2020 INSURANCE DIVISION Intermediaries Directory (Agents) AM INSURANCE AGENCY LIMITED (Registered) #17 Townhouse Plaza, American & All Saints Roads, St. John’s, Antigua.
Tel: 462-6060 Email: aminsuranceantigua@gmail.com Website: www.aminsuranceantigua.com/ ANJO (INSURANCES) (DIVISION OF AWH HOLDINGS LTD.) (Registered) Woods Centre, P.O.

Box 104, St. John's, Antigua Tel: 480-3050 Fax: 480-3064 Email: jhall@anjoinsure.ag Website: www.anjoinsure.com/ THE BANK OF NOVA SCOTIA (Registered) High Street, P.O.

Box 342, St. John's, Antigua Tel: 480-1500 Fax: 480-1554 Email: althea.walter@scotiabank.com BRYSON’S INSURANCE AGENCY (Registered) Friars Hill Road, P.O.
Box 162, St. John's, Antigua Tel: 480-1220 Fax: 462-5538 Email: mparchment@brysonsinsurance.com CIBC FIRST CARIBBEAN INSURANCE AGENT (Registered) C/o CIBC FirstCaribbean International Bank Ltd. Old Parham Road Branch, St. John’s, Antigua.
Tel: 480-5050 Fax: 480-5140 Email: Dawn.Solelyn@cibcfcib.com KELSICK INSURANCE AGENCY (Not Registered) Old Parham Road, St. John’s, Antigua Tel: 462-0049 Fax: 462-9441 Email: kia_anu@candw.ag Website: www.kelsickinsurance.com/ KENNETH A. GOMEZ & SONS INSURANCE AGENCY (Registered) Royal Palm Place, Friars Hill Road, P.O.
Box 195, St. John's, Antigua Tel: 481-1850 Fax: 481-1859 Email: kevin@kagomez.com Website: www.kagomezinsurance.com/ SELKRIDGE INSURANCE AGENCY LTD. (Registered) Mahogany Drive, Gambles, P.O.
Box W306, St. John's, Antigua Tel: 462-2042 Fax: 462-2466 Email: c.selkridge@selkridgeinsuranceantigua.com STAR INSURANCE AGENCY (Registered) Sir George Walter Highway, St. John’s, Antigua Tel: 562-9513 Email: managerffcp@gmail.com Intermediaries Directory (Brokers) GALLAGHER INSURANCE BROKERS (Barbados) LIMITED (Registered) #60 Roberts Building, Nevis Street, P.O.
Box 3547, St. John’s, Antigua Tel: 562-3305 Fax: 562-5374 Email: AarionNicholas@cgmgallagher.com Website: www.cgmgallagher.com THE RISK MANAGEMENT BROKING CONSULTANCY (Registered) Temple Street, P.O.
Box 2839, St. John’s, Antigua Tel: 461-4907 Email: mccoyda@gmail.com TOMLIN INSURANCE BROKERS (ANTIGUA) LIMITED (Registered) Suite 19 Jasmine Court, Friars Hill Road, St. John’s, Antigua Email: Edward@tomlinbrokers.com Website: www.tomlinbrokers.com 8 COMMENTS AND FEEDBACK Financial Services Regulatory Commission Insurance Division Email: InsuranceDepartment@fsrc.gov.ag Tel: (268) 481-3300 · Fax (268) 481-1156 https://www.fsrc.gov.ag/ Our Mission: To develop Antigua and Barbuda as an effectively regulated, well managed major financial ser- vices jurisdiction.
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