St. Maarten Private Eye

WILLEMSTAD – In her first full year as part of the American Parma Group, insurance company Ennia has seen her profit after taxes grow from 3.2 million guilders in 2005 to 19.8 millions in 2006. This result is partly attributed to the enlargement of the shareholder’s equity with 100 millions early last year.

With that, the company that since the turn of the year 2005/2006 is in hands of Hushang Ansary, saw the shareholder’s equity grow from 31.5 to 143.7 millions. The assets increased from 900 millions to 1.18 milliards in the past fiscal year.

If the profit is compared with the shareholder’s equity and the assets, the ratios will be 22.6 and 1.89 percent respectively (were 10.45 and 0.19 percent last year).

General director Gijsbert Van Doorn is very pleased with this. He is the one that informed owner and also Chairman of the Board, Ansary and the other directors, including the American Frank Carlucci, Jack Kemp, John Macomber, and James Crystal - all toppers in the American business live – and the locals Jaime Saleh and Clark Gomez Casseres of the figures last week. “The net profit has grown with more than 500 percent compared with the former fiscal year”, says Van Doorn proudly.

2007

The Ennia-management indicated in her annual report that they ‘face the current year 2007 with confidence’. Ennia is the first insurance company that has published her figures as the Bank of the Neth.Antilles (BNA) that supervises the insurance business, requires. This is the second year that insurance companies had to publish their figures. Several companies have not complied with this requirement last year. Majority shareholder of Ennia is Banco di Caribe that before the Ennia, was also bought up by Ansary’s Parman Group. In November of 2006, Ennia on her turn bought up the National Investment Bank NA (the former NIBC Bank NA) that is specialized in big and complex financing of infrastructural investment projects.

182 EMPLOYEES

Ennia employs 182 persons, 20 more than the year before. Approximately 10 of these employees are from the National Investment Bank. Ennia’s main office is in Curacao, but they also have establishment in Aruba, Bonaire , and St, Maarten.

Apart from general director Gijsbert van Doorn, Ennia is also being managed by financial director Erik Baas, commercial director Roland Pietersz, and operational director Gilbert Martina.

TURNOVER

The total turnover of Ennia increased to 270.3 million guilders in 2006, compared to 258.8 in 2005. On the other hand, the expenses decreased from 258.4 to 249.2 millions. Ennia is made up of Ennia Caribe Leven (whose premium turnover grew with 46 percent), Ennia Caribe Schade (that grew with almost 7 percent), Ennia Caribe Zorg (with a turnover increase of 7.6 percent), and also National Investment Bank and EC Investments.

Banco di Caribe

Late April, Banco di Caribe Group has presented for the first time the consolidated results of the bank, the insurance company Ennia Caribe, and National Investment Bank. The 2006 net-result of the group was 23.6 million guilders before taxes and 21.5 after taxes. We now know that Ennia had a profit of 19.8 millions after taxes, which means that Banco di Caribe’s banking activities in 2006 had a net-result of 1.7 million guilders. But take into account that Banco di Caribe Group has invested 135 million guilders in Ennia. Before the take over purchase of the American Parman Group and the consolidation with Ennia in January of 2006 and NIBC in November of 2006, Banco di Caribe had a profit of 6.4 million guilders. Amigoe