THE COMPANY – INSURANCE CORPORATION OF BARBADOS LIMITED
The Insurance Corporation of Barbados Limited (ICBL) is Barbados’ largest General Insurance provider, writing business in all areas of General Insurance, including Property, Liability, Accident, Motor, Marine, Aviation and Transit Insurance.
ICBL also offers a wide range of insurance coverage for Individual and Group life, Individual and Group Health, Annuities, Registered Retirement Saving Plans (RRSPs) and Pensions.
The Company was formally created following a December 6, 2000 Act of Parliament, which saw the operations of the predecessor Company (the Insurance Corporation of Barbados) being vested in ICBL. The Insurance Corporation of Barbados was established in 1978 by the Insurance Corporation of Barbados Act Chapter 311. This company took over the portfolio of the Standing Insurance Committee, which was responsible for insuring government properties and settling liabilities incurred by the Crown.
ICBL proudly serves the interest of over 2300 Barbadian shareholders, whose shares represent more than 30% of the company ownership, in addition to the Government of Barbados, whose 10% stake in the company ensures that every Barbadian is a stakeholder.
These shares are traded on the Barbados Stock Exchange, accounting for 48.3% of the company. BF&M Limited in Bermuda, through its wholly owned subsidiary, Hamilton Financial Limited, domiciled in St Lucia, is the major shareholder with approximately 51.7% interest in the issued and outstanding shares of the Company. The Company has a financial strength rating of A- (Excellent) and an issuer credit rating of "a" by rating agency A M Best Company Inc.
ICBL is also a committed Corporate Citizen, making significant contributions to a variety of causes, specifically those related to youth and community development, along with health awareness. Through the sponsorship of several sporting bodies, community organizations, health groups and institutions, ICBL has proven its commitment over time towards ensuring the continued development of Barbados and the company’s thousands of customers.
In keeping with its focus on Corporate Social Responsibility, ICBL worked with the Future Centre Trust to implement several environmentally friendly policies and practices on route to attaining the Green Business Company certification in 2013.