Bahamas First is the market leader in general insurance coverage in The Bahamas for one simple reason – our continuing commitment to our customers, partners, employees and the community, and recognizing the vital role each plays in making us First In Insurance. Today. Tomorrow.
Our goal today is to remain first in every aspect of our business – from offering insurance products that meet our customers’ needs, to providing prompt and fair claims settlements, to being a responsible corporate citizen.
The company’s strengths include:
Bahamas First provides a wide range of property and casualty insurance coverage to meet our customers’ needs. Our principal lines of business are:
No matter what types of general insurance you require you can be confident you’ll receive the most prompt, courteous and professional service possible throughout the lifetime of your relationship with Bahamas First.
Bahamas First provides its insurance products through an agency network and its distribution channel includes a number of Group Agents, Independent Exclusive Agents and Independent Non-exclusive Agents/Brokers. This innovative team of agents covers every corner of the country and creates a powerful infrastructure that has made us the first choice for general insurance coverage everywhere in The Bahamas.
The Bahamas First agency network includes:
Our outstanding record of financial stability remains grounded on a conservative approach to risk, which has consistently ensured a healthy return on investment. And a focus on profitable underwriting continues to be a corporate objective.
Our commitment to improved customer service can be seen in our new state-of-the-art headquarters in Nassau, which opened in January 2005. Construction of the $4.6 million facility began in September 2003 and staff moved into the building in November 2004.
The 26,000 square-foot Bahamas First Centre features a covered vehicle inspection area complete with hoist for drive-in claims and expanded client parking. We also continue to invest in the latest technology solutions to remain first in all aspects of our business.
The opening of the Bahamas First Centre came on the heels of a pivotal and historic year in which the company handled more than 3,000 claims filed as the result of Hurricanes Frances and Jeanne, resulting in significant payouts. However, a strong reinsurance program helped protect the company’s surplus position, reducing net incurred losses to a manageable level.
Bahamas First was the first company in the local market and the wider Caribbean to have a financial strength rating of A- (Excellent) affirmed by insurance rating and information agency A.M. Best Co. in the post hurricane period
The A.M. Best report noted BFG “continues to benefit from the sustainable competitive advantages derived from the ownership of key island agents and strategic agency relationships that have allowed it to establish name recognition and market share.”