Foreword of the Managing Director
2019 was a year of rapid growth for SELECTA Insurance & Reinsurance Company (Caribbean) Ltd.
Our team has successfully set up Sun Underwriting MGA which caused a synergic effect for SELECTA. We have written four times as much gross premium as a year ago. Although we still maintain our loss ratio below the market average, such rapid growth has come at the price of significant incurred but not reported loss reserve (IBNR) increase.
As a result, we experienced a net loss totaling up to $665,793. We have balanced most of it by paying in additional capital and we expect good profits by the end of 2020 when reserves get depleted.
As always, nothing could be done without the help of our esteemed partners, who made it possible to come this far.
Still, we remain at your service 365 days a year, seven days a week and 24 hours a day.