David Phillip

St. George's (GRD)
Role(s):
Founder/Owner/Principal

NALGICO

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Location: St. George's
Industry: Finance
Year Founded: 1997
Number Employees: 10-50 people
Description: After six years of continuous growth from its inception in 1997, NALGICO Suffered a major setback in 2004 when damages from hurricane Ivan resulted in claims Exceeding its catastrophe limits and in the absence of reserve funds the company has been Unable to meet its commitments. To address this situation and strengthen the revenue base of the company the principals have put together an ambitious plan to diversify its business and product portfolio as well as expand to the regional markets and to raise US$5 million in loan funds to fund that investment. The funds will be used to settle US$2 million in outstanding insurance claims and restore customer confidence in the company and the balance of US$3 million would be used to acquire and set up the equipment and other resources required for the manufacturing and construction of affordable homes using the modular concept as well as concrete fencing and roofing products. Diversification of the product portfolio is central to the NALGICO’ plans to rebuild the company. NALGICO will continue to provide its core insurance products. These include automobile, causality, mortgage, property, workmen’s compensation and liability insurance products. New products considered for introduction are health, professional indemnity, and title insurance. The objective is to offer a comprehensive package to customers and focus on quality and Personalized service in the delivery of these products. NALGICO through its subsidiary NDL will bring to Grenada and the Caribbean market a whole new range of home construction products. The modular houses will be offered in eight formats targeted at low and middle income persons. These include: 2 Bedroom 1 bath, kitchen & living space; 3 Bedrooms, 2 bath, kitchen & living space; 3 Bedrooms, 2 bath, kitchen & living space; 3 Bedrooms, 2 baths, kitchen & Living space, garage; 2 Bedrooms- Duplex , 1 Bath, kitchen, living space, garage; 3 Bedrooms, 2 baths, kitchen & Living space, 2 garages; 3 Bedrooms, 2 1/2 Baths, kitchen, living space, 2 garages; and 2 Bedrooms- Duplex , 2 Bath, kitchen, living space, garage. Our research show that the company will be able to sell these products to the public at US$65.00 per sq. ft or about 30% below the present rate for concrete structures which is currently estimated at US$75 to US$90 per sq. ft. Other products offered include attractively designed pre-cast concreted fence products in various designs, concrete floor tiles and concrete roofing tiles.