PHILIPSBURG:--- NAGICO Insurances, one of the Caribbean’s leading insurance groups, today announced that global credit rating agency A.M. Best has upgraded the Group’s Financial Strength Rating (FSR) from BBB+ to A- (Excellent).

The upgrade reflects A.M. Best’s assessment of the Group’s strengthened balance sheet, consistently improving operating performance, disciplined risk management, and effective execution of its long-term strategy across multiple Caribbean markets.

For policyholders, partners, and regulators, the A- (Excellent) rating is a strong, independent signal of NAGICO Insurances’ ability to meet its obligations, particularly in a region exposed to natural catastrophes and economic volatility.

“I am extremely proud of this recognition for our group. An A.M. Best rating speaks directly to an insurer’s capacity to stand behind its promises,” said Kyria Ali, Chief Executive Officer of NAGICO Insurances. “This upgrade to A- rating by A.M. Best is an independent endorsement of our financial strength and disciplined management, and for our customers across the Caribbean and in France, it validates the confidence and trust they have put in us to be there for them, their families and their businesses when they need us most.”

Why the A- Rating Matters

A.M. Best is a globally recognized credit rating agency specializing in the insurance industry. Its ratings assess insurers’ balance sheet strength, operating performance, business profile, and enterprise risk management.

An A- (Excellent) rating indicates:

• Strong capitalization and balance sheet resilience
• Consistently improving financial and operating performance
• Prudent underwriting and risk management practices
• A sustainable, long-term business strategy

This upgrade confirms NAGICO Insurances as a Top Tier insurance group, reinforcing confidence in the Group’s stability and reliability.

Built for the Caribbean

Operating successfully in the Caribbean requires resilience, foresight, and disciplined risk management. Over the years, NAGICO Insurances has proven itself as a trusted and caring insurer, paying billions of US dollars in claims following natural disasters, be it hurricanes or volcanic eruptions. In recent years, it has made targeted investments in reinsurance protection, governance, and talent to ensure it can deliver on its promise to be Fast, Fair, and Always There.

“Our region presents unique challenges, from climate risk to economic shocks,” added Imran McSood Amjad, Executive Chairman of NAGICO Insurances. “This upgrade reflects the deliberate steps the Board and Management have taken to strengthen the Group’s balance sheet, governance, and risk management. It is a strong validation of our long-term vision and disciplined approach.

A Collective Achievement

The CEO shared that the A- rating upgrade reflects the collective efforts of NAGICO Insurances’ employees, partners, and stakeholders across the Group’s regional footprint. It underscores the Group’s commitment to sustainable growth, strong governance, and consistently delivering long-term value to its policyholders and partners.

As the Group looks ahead, it remains focused on using technology to improve customer experience, bringing needed and innovative products to the market, and supporting regional development.

PHILIPSBURG:--- In the halls of the Parliament of St. Maarten, frustration is mounting. The legislative machinery, designed to serve the people, appears to be grinding to a halt. During the recent Central Committee meeting on December 16, 2025, the discussion surrounding MP Omar E. C. Ottley’s draft law on admission and expulsion revealed a significant obstacle: the Social Economic Council (SER).
While the SER serves a vital function as an advisory body, the proceedings of this meeting suggest it has become a bottleneck rather than a facilitator of progress. The discussion exposed systemic failures—from crippling backlogs to circular arguments over data—that are delaying crucial legislation and eroding public trust.

The "Missing Data" Deadlock
One of the primary frustrations highlighted during the meeting was the SER's refusal to provide advice on the substance of the law, citing "missing information."
MP Rayheon Peterson pointed out that the SER places heavy emphasis on gathering data to prove a law's effectiveness before it offers counsel. While evidence-based policy is essential, Peterson noted that he wants "their actual advice on the law itself," which currently sits in limbo because the SER claims they cannot proceed without every variable defined.
This creates a bureaucratic catch-22. MP Sjamira Roseburg reinforced this, noting that the SER clearly stated they "cannot provide the advice at this moment" due to missing data. She questioned why this data wasn't available or whether answers provided during budget debates could have cleared the hurdle. The result is a stalemate: the SER won't advise without data, but the legislative process cannot move forward to generate that data without their advice.

The Backlog Excuse
Perhaps the most damning criticism came from MP Ottley, who noted the sheer volume of stalled legislation. He revealed that he currently has four pieces of legislation sitting with the SER, some for "over a year and months."
When pressed, the SER cites a backlog. However, for a nation facing urgent social and economic challenges, an administrative backlog is a weak justification for stalling the people's business. If the advisory body cannot keep pace with the legislature, it ceases to be an asset and becomes a liability.

Public Perception and "Red Tape"
The real-world consequence of these delays is a deteriorating relationship between the government and the electorate. MP Ottley spoke passionately about the public perception of Parliamentarians. He noted that the people of St. Maarten see MPs "collecting big fat salaries" while appearing to do nothing.
The public rarely sees bureaucratic hurdles or the "red tape" that kills momentum behind the scenes. They only see that laws promised in the news vanish into a void. When the SER holds onto legislation for over a year, they don't just delay a vote; they fuel the narrative that the government is ineffective or lying to the populace. 

A System in Need of Clarity
The meeting also touched on a fundamental lack of streamlined processes. There is ongoing confusion about which laws must go to the SER versus which should. The Chairlady acknowledged that discussions are currently underway to determine "what issues are social economic issues" and to streamline the process.
The fact that these basic definitions are still being debated in 2025 is concerning. Without clear guidelines, laws are sent to the SER unnecessarily, or they get stuck in a loop of jurisdictional ambiguity, further clogging the pipeline.

Moving Forward: Recommendations for Reform
To restore faith in the legislative process, the SER's role and operations must be re-evaluated.
1.  Define the Scope:  We need a strict, codified definition of which legislation requires SER advice to prevent the body from being overwhelmed with non-essential reviews.
2.  Impose Deadlines:  Advisory bodies should operate under strict timelines. If advice is not rendered within a set period (e.g., 6 weeks), Parliament should be empowered to proceed without it.
3. Provisional Advice: The SER should be mandated to provide advice on the legal framework of a draft ordinance, even if statistical data is incomplete. Advice should be constructive, not obstructive.
4.  Resource Allocation: If the backlog is genuine, the SER must either be given the resources to clear it or the mandate to prioritize urgent legislation.
The Central Committee meeting made one thing clear: the current dynamic is unsustainable. For St. Martin to move forward, the SER must evolve from a gatekeeper into a true partner in progress.

PHILIPSBURG:--- The Police Force of Sint-Maarten (KPSM), in close cooperation with its other law-enforcement partners, continued its intensified controls and preventative actions aimed at ensuring public safety across the island.
On the evening of Tuesday, December 16th, 2025, at approximately 7:00 p.m., officers from a special police team were conducting preventive patrols along Suoaliga Road, in the area of the Melford Hazel Sports Park.
While conducting preventive searches in the area, officers observed a Kia parked near a group of men. At that moment, one individual was seated inside the vehicle while a second male attempted to walk away from it. Both individuals were immediately stopped and subjected to a lawful search.
During the inspection of the vehicle, officers discovered a black firearm lying under the seat. As a result of this finding, both individuals were immediately arrested.
One of the suspects told officers the vehicle belonged to a friend who was reportedly in the vicinity of a nearby gentlemen's club. Shortly thereafter, officers observed the driver, who, upon noticing the police presence, fled the scene on foot, heading toward the Sucker Garden Road area.
The area was cordoned off, and officers initiated an intensive search operation. After approximately 15 minutes, the suspect was located hiding in nearby bushes and was successfully apprehended and arrested without further incident.
All three suspects were transported to the police station, where they are currently being held for questioning. The firearm was confiscated as part of the ongoing investigation.
KPSM once again emphasizes that possession of illegal firearms or narcotics will not be tolerated. Individuals found in possession of such prohibited items will be arrested and prosecuted in accordance with the law.
The Police Force of Sint Maarten is sending a clear and firm message:
Controls, joint operations, and preventive searches will continue island-wide as part of ongoing efforts to safeguard public order and enhance the safety of all residents and visitors.

KPSM Press Release.

WILLEMSTAD/PHILIPSBURG:---  Economic activity in the monetary union continued to expand in 2025, as reported in the December 2025 Economic Bulletin of the Centrale Bank van Curaçao en Sint Maarten (CBCS), supported by strong tourism performance, ongoing investment, and moderating inflationary pressures. Realized data up to the second quarter confirm that both stay-over and cruise tourism have been key drivers of growth across the union, even as the global environment remains characterized by geopolitical tensions, global policy uncertainty, tighter financial conditions, rising trade protectionism, and restrictive immigration measures.

Robust growth while inflation eased across the monetary union in 2025
Curaçao’s economy expanded by 3.5% in 2025, driven by stronger-than-anticipated tourism performance. Higher hotel occupancy rates and increased cruise and stay-over arrivals supported activity. Investment in real estate and infrastructure also remained solid. Growth was supported by both domestic and net foreign demand. However, domestic demand expanded more slowly than previously expected because public investment fell short of budgeted amounts. Net foreign demand strengthened as exports rose sharply on higher tourism earnings, though the larger import bill partly offset this gain. Inflation in Curaçao moderated to 2.4% in 2025, reflecting lower international commodity prices and easing domestic cost pressures. Fiscal performance remained stable with the current budget surplus unchanged from 2024 at 2.2% of GDP in 2025. Meanwhile, the public debt-to-GDP ratio declined from 65.5% in 2024 to 63.0% in 2025. This improvement reflected a stronger nominal GDP, despite an increase in the debt stock from additional borrowing by the Dutch state.

Sint Maarten also posted solid growth in 2025. Real GDP expanded by 3.1%, driven by stronger-than-expected stay-over and cruise tourism, following the completion of the airport’s reconstruction. As in Curaçao, both domestic and net foreign demand contributed to the expansion. Public investment supported growth by upgrading the road network, sewage systems, and prison facilities. Private demand also increased, supported by higher private investment and consumption. Inflation in Sint Maarten fell to 1.8% in 2025, primarily due to lower international oil prices. Net foreign demand also supported growth, as tourism-related export earnings increased faster than non-oil merchandise imports. Sint Maarten’s fiscal position improved as the current budget balance moved into a surplus of 1.1% of GDP. The public debt-to-GDP ratio declined from 42.1% in 2024 to 41.2% in 2025, driven by higher nominal GDP, though additional borrowing from the Dutch State partially offset the improvement.

Growth momentum to carry over to the medium term
Looking ahead, economic growth in both Curaçao and Sint Maarten is expected to slow gradually and move toward more sustainable medium-term rates. Real GDP growth is projected at 2.4% in 2026 in both countries. Growth is then expected to ease to around 2.0% by 2029 as tourism growth saturates and global demand slows, while post-reconstruction effects in Sint Maarten gradually fade. Inflation is also expected to moderate to 2.1% in Curaçao and remain close to 1.8% in Sint Maarten. By 2029, inflation is expected to converge to about 2.0% in Curaçao and 1.6% in Sint Maarten, broadly in line with developments in key trading partners. Fiscal positions are projected to strengthen over the forecast horizon. Current budget surpluses are expected to be maintained in both countries. Debt-to-GDP ratios are projected to decline, reaching 60.5% in Curaçao and 40.5% in Sint Maarten by 2029. This decline reflects nominal GDP growth that is expected to outpace the increase in public borrowing required to finance ongoing investment programs.

Regional tensions shape risk dynamics
The balance of risks to the outlook for Curaçao and Sint Maarten remains tilted to the downside, dominated by external factors. The most prominent risk arises from tensions between the United States and Venezuela. Further military escalation could increase shipping and insurance costs, disrupt trade routes, and undermine the Caribbean’s image as a safe travel destination, thereby hurting tourism and foreign exchange earnings. Curaçao, given its geographical proximity to Venezuela, is particularly exposed to a potential increase in migration flows, which could strain public services and fiscal resources.
Other geopolitical conflicts also weigh on the outlook. The war in Ukraine and tensions in the Middle East could once again disturb energy markets and global trade. While the Gaza peace plan has eased immediate pressure on oil and shipping, the ceasefire remains fragile. Renewed supply disruptions and higher freight costs could push up commodity prices, raising import prices and inflation in Curaçao and Sint Maarten.
Global trade remains vulnerable to policy uncertainty and protectionist measures. Despite the smaller-than-expected 2025 tariff shock, unresolved trade agreements and legal challenges in the United States could raise import costs and weaken foreign direct investment. A delayed easing of U.S. monetary policy could keep global financial conditions tight.
Domestically, climate-related shocks, delays in executing multi-annual public investment programs, unresolved AML/CFT deficiencies, and the growing fiscal pressures associated with health care and social insurance systems continue to pose challenges that could weigh on medium-term growth and stability in both countries.
The complete text of the December 2025 Economic Bulletin is available on the CBCS website.

Willemstad December 16, 2025
CENTRALE BANK VAN CURACAO EN SINT MAARTEN