The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Bahamas First yesterday signalled the continuation of its long-running expansion strategy by confirming the acquisition of two more agent/broker portfolios.

The property and casualty insurer, in a statement, disclosed that it has reached an agreement to acquire 100 percent of CMA Insurance Brokers & Agents Ltd (CMA). Both parties have executed a share purchase agreement, with the deal's completion now awaiting regulatory approval by the Insurance Commission.

Bahamas First will then assume ownership of the 18 year-old company and its client portfolio, which will ultimately be merged into its own wholly-owned subsidiary, NUA Insurance Agents & Brokers (NUA).

In a separate transaction, Bahamas First has agreed terms with Response Insurance Agency (RIA) for NUA to obtaining the renewal rights for 100 percent of its insurance portfolio with effect from October 1, 2018.

Bahamas First's long-running strategy has been expansion through the purchase of other insurance agents and brokers that fit with its own portfolio. The general insurance underwriter added that its latest transactions will expand NUA's revenue base and boost its earnings with effect from October 1, 2018.