The largest insurer in the Dutch Antilles, Ennia, is plucked by its owner. Hushang Ansary, an American-Iranian businessman, used approximately 570 million Euro in profits of the insurer to fund external ventures. These investments were made in several entities that belong, directly or indirectly to Ansary.
Although investments enforce the financial position of an insurer, the coverage ratio of the insurer itself must be protected in order to guarantee payout to the insured once due. The investment of 570 million Euro creates a gap between insured amounts and provision and leaves approximately ten thousand customers of the insurer in a dire situation.
The Dutch Central Bank (DNB) is responsible for supervision of the financial industry on the BES islands (Bonaire, St. Eustatius and Saba). Although the headquarters of Ennia are located in Curacao, they have a branch under Dutch supervision. DNB therefore supervises the integrity of the insurer.
To protect the stability of the financial industry, DNB requested further information and action from the central bank of Curacao and St. Martin (CBCS).