Bahamas First Holdings Limited

What it is

Bahamas First Holdings Limited was incorporated in September 1996 through the merger of two established Bahamian companies: Bahamas First General Insurance Company Limited (BFG) and Nassau Underwriters Agency Insurance Agents & Brokers Ltd. (NUA). BFG itself traces its roots to September 1982, making the operating franchise over 40 years old.

The group’s primary activity is general insurance — covering property, casualty, fire, motor, marine and engineering risks — plus health and group life insurance, operating across two jurisdictions: The Bahamas and the Cayman Islands. It is the largest property-and-casualty insurer in The Bahamas and runs Cayman First Insurance in the Cayman Islands.

Who owns it

BFH is publicly traded on the Bahamas International Securities Exchange (BISX) under the symbol BFH. Not published: the 2024 audited consolidated financial statements filed on BISX, the company’s investor-relations pages, and the BISX listing page do not disclose a named controlling shareholder or a breakdown of the free float; the Securities Industry Act (Bahamas) requires disclosure of shareholders holding 5% or more, but no such schedule was rendered in available primary sources.

Any investor seeking the shareholder register should contact BISX directly or request the registrar’s records.

Who runs it

Alison Treco serves as BFH’s Executive Chairman, the group’s senior governance role. Richard Darville has been appointed Chief Executive Officer of the flagship operating subsidiary, Bahamas First General Insurance Company.

The BISX-listed board also includes directors Samir Boushra Riad Mikhael, Linda Goss Kenwood, Nakita Kerr, Dawn Adeline Patton, and Liam McFarlane.

The money, in plain words

The 2024 turnaround was driven primarily by the Bahamas segment: insurance revenue there rose 17.1% year-over-year, fuelled by motor and engineering lines, and with net claims holding roughly flat, that revenue growth translated into a 70.1% jump in the insurance service result — the profit generated purely from writing and settling policies.

The nine months to September 30, 2024 still showed a combined loss of BSD $1.1M because of a BSD $3.7M loss in the first half — a familiar seasonal pattern under IFRS 17 accounting, where hurricane-season revenue is recognised later in the year. The fourth quarter repaired the damage: the full year swung to profit, a roughly BSD $3.9M improvement versus 2023 (our calculation, based on Eye Witness News reporting from company filings).

The Cayman segment, however, moved in the opposite direction: higher gross premiums written were offset by a deterioration in claims ratios for motor and health lines, cutting BSD $0.5M from Cayman’s total insurance result. Operating expenses fell by BSD $0.7M, mainly from lower credit impairment losses, while investment income improved by BSD $0.8M.

What it is doing now

The company is actively implementing measures to address claims performance in the Cayman motor and health lines. On the Bahamas side, the seasonal nature of the business — where the bulk of catastrophe insurance revenue is recognised during hurricane months, June to November — means the company’s reported quarterly results are structurally volatile, driven mainly by weather-linked claims.

The group also made an internal restructuring in 2024: First Response Limited, its motor-claim roadside-assistance subsidiary, ceased active operations as at October 31, 2024, with those claim-adjusting services absorbed directly by BFG’s own staff. Leadership succession is also complete, with Richard Darville now heading the flagship insurer.

What to watch

• Hurricane season exposure: Revenue recognition is concentrated in the June-to-November hurricane window, and the insurance service result can vary enormously between quarters depending on weather events. A bad storm year can erase the annual profit.
• Cayman claims discipline: Motor and health loss ratios in the Cayman segment deteriorated in 2024; whether management’s corrective measures restore margins is the key 2025 test.
• Reinsurance cost: A capacity squeeze in the global property-and-casualty reinsurance market drove higher prices in 2023 and 2024, leaving more property owners uninsured and reducing the pool of insurable risk. Any further tightening raises BFH’s own costs.
• Ownership transparency: The controlling shareholder structure is not publicly disclosed in available BISX or company filings. Investors should monitor future regulatory filings for any material ownership change.

This is news, not investment advice.