JS Johnson, who some call the stingy insurance company, suffered an 8.9 percent drop in net income to $2.619 million, for the 2011 first quarter.
Managing Director Marvin Bethell, informed shareholders that the first quarter was a “bit sluggish” and blamed the drop primarily on poor performance at its underwriting affiliate, Insurance Company of the Bahamas (ICB). The company failed to match their 2010 net income of $2.875 million.
The BISX-listed insurance agent and broker has been known to hammer down the claims of automobile accident victims, sometimes paying them less than what many people would consider fair.
While the company’s net claims increased by over $500,000, their total expenses dropped year-over-year from $5.056 million to $4.406 million, due to the timing of profit commission expenses.
The company’s Turks & Caicos operations is progressing as expected with the integration of the policy portfolios acquired from Fidelity Insurance Brokers and Accordia Insurance Brokers.