05172024 BUSINESS

Insurer eyes ‘beyond Caribbean’ expansion despite $3m profit fall

By NEIL HARTNELL Tribune Business Editor

A BAHAMIAN insurer yesterday revealed it is targeting expansion beyond the Caribbean after overcoming a more than $3m net income drop as catastrophe costs “increased over 50 percent”.

Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that The Bahamas’ escape from the European Union’s (EU) tax blacklist has enabled the property and casualty underwriter to resume “feasibility studies” on which Caribbean market it will enter next within the upcoming 18 months.

And he disclosed that the carrier has expansion “beyond the region in the back of our heads” as it seeks to further diversify its geographical risk, and exposure to hurricane loss perils by eliminating the “eggs in one basket” concern.

Mr Saunders told this newspaper that RoyalStar is “back

to our five-year strategic plan” after The Bahamas’ delisting in February 2024 removed all threat that it could be cut-off from European reinsurance markets. However, this comes after the Bahamian underwriter saw its 2023 net income slump by more than 40 percent year-over-year, dropping from $8.651m to $5.169m. However, a $1.888m oneoff gain on the revaluation of RoyalStar’s land and buildings brought its total comprehensive income within range of prior year figures at $7.058m - an 18.4 percent fall compared to 2022. While

insurance premium revenue rose by more than $17m, or 17.6 percent, in rising from $98.648m to $116.019m, this was more than countered by rising reinsurance costs.

Bahamian insurers, due to their relatively thin capital bases, have to acquire huge amounts of reinsurance support on an annual basis to enable them to cover all property, auto and marine risks. Reinsurance-related and other expenses jumped to a combined $111.5m in 2023, representing around a $20m jump on the prior year’s $91.5m

As a result, gross insurance-related income fell year-over-year by 39.2 percent to $4.344m compared to $7.149m in 2022. Mr Saunders confirmed that, while margins had shrunk due to what he described as the toughest trading and reinsurance market for more than three decades since Hurricane Andrew struck in 1992, RoyalStar had not passed all these cost hikes on to consumers.

Not taking the ability of business and household clients to afford surging insurance premiums for granted, he added that the entire property and casualty industry is hoping for a “not devastating” 2024 hurricane season given the impact that multi-billion losses and claims payouts in the Caribbean and US could have for Bahamian coverage rates moving forward.

With the increase in topline premiums and related expenses both driven by the higher prices demanded by reinsurers, Mr Saunders told

Pharmacist chief hits out on ‘catastrophic’ marijuana Bills

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas Pharmaceutical Association’s (BPA) president yesterday accused the Government of making “catastrophic changes” via the medical marijuana Bills that will cause the profession’s “downfall”.

Dr Marvin Smith, in a statement to Association members,

blasted the Davis administration for what he asserted was its failure to properly consult the group and wider pharmaceutical industry on its plans to regulate medical marijuana dispensaries. He argued that it has “chosen to ignore serious concerns that we raised” even though the reforms to the Pharmacy Act, via the Pharmacy (Amendment) Bill 2024, appear to give the sector much

of what it wanted by placing all registered cannabis dispensaries under “the supervision” of licensed pharmacists.

The Bill, which has been tabled in the House of Assembly, stipulates: “No person shall, unless he is registered as a cannabis dispenser under the Health Professions Act (Chaper 233) make use of the title of ‘cannabis dispenser’.”

Marijuana co-chair’s fear on enforcement ‘black market’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE co-chair of the Government-appointed commission that examined legalising medical marijuana yesterday voiced fears that weak enforcement could spur creation of “a black market”.

Bishop Simeon Hall, speaking after the Government tabled in the House of Assembly a long-awaited package of Bills to legalise and regulate such activities, told Tribune Business he remains concerned that a lack of will and capacity to properly regulate the sector could “exacerbate some of the social problems” presently facing The Bahamas.

While backing medicinal marijuana for both its potential health and economic benefits, he admitted this nation does “not have a good track record of enforcing almost anything” as it has multiple statute

FTX Bahamas creditors given claims extension

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FTX’s Bahamian liquidators have told creditors that they will likely have an extra 10-12 weeks until at least end-July to submit proof of what the imploded crypto exchange owes them. Brian Simms KC, the Lennox Paton senior partner, and Kevin Cambridge and Peter Greaves, the PricewaterhouseCoopers (PwC) accounting duo, confirmed in a letter to former investors and clients that the original May 15 deadline to submit claims - which expired on Wednesday - has

been extended by at least two-and-a-half months. “We had initially set a bar date of May 15, 2024, for submitting proof of debt forms in The Bahamas’ process. The bar date is intended to represent the last date that customers of FTX.com (or FTX International) can lodge a claim and be eligible to participate in The Bahamas’ process,” the wrote. “The bar date will be extended to a date and time that is aligned with the voting deadline for creditors to approve a Chapter 11 reorganisation plan in the US process. Although a new bar date has not yet

MAB chief: Over half of doctors unsure hospital ‘fiscally sound’

• Queries $290m outlay when ‘can’t use what we have now’

• Consultation warning: ‘No hospital without the physicians’

• Profession ‘baffled’ as left in dark; seeking minister meet

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MORE than half of surveyed doctors feel the new $290m hospital is not “fiscally sound”, the Medical Association of The Bahamas (MAB) president said yesterday, as she warned: “There’s no hospital without the physicians.”

Dr Gemma Rolle, unveiling the initial feedback from Association members, told Tribune Business there were multiple unanswered questions over the proposed project including why the Government is investing hundreds of millions of dollars into “a brand new, state-ofthe-art hospital when we cannot even utilise what we have now”.

Pointing to current staff shortages at Princess Margaret Hospital (PMH), which mean only four of its seven combined operations and endoscopy rooms can be used at any one time, she challenged why the focus is being placed on the Perpall Tract plans when the public healthcare system is struggling to “optimise the time and space” it presently has for surgeries and operations.

Besides fixing the system’s existing deficiencies, Dr Rolle told this newspaper that Medical Association of The Bahamas (MAB) members were “baffled” as to why the new hospital plans had been publicly disclosed prior to consultation with themselves and other healthcare professionals. They are now “eagerly awaiting” a promised meeting with Dr Michael Darville, minister of health and wellness.

Disclosing some of the initial responses to the 12 question-strong survey issued to MAB members, the Association president said of the 97 replies received to-date some 46 percent had said they were “confused” and thought “resources should be directed to optimising the current hospital system”. This came in response to a question where doctors were asked to state their feelings on

DR MARVIN SMITH

New distillery aiming to build botanical industry

FROM PAGE A22

offer an alternative tourist attraction.

“Our journey began some 14 years ago when Juan [Bacardi] approached me about creating a line of products that focuses on the plants which these products would derive from,” said Andy Fowler, master distiller and plant director at Bahamas Botanicals.

“Through our research, we realised that most

countries have a particular spirit that comes from the agriculture of their country. It is this realisation that gave birth to Bahamas Botanicals, a company dedicated to the production of a variety of alcoholic, non-alcoholic and cosmetic products using local plants and fruits of The Bahamas.”

During the facility’s opening, the first product produced from soil to bottle – JAB Cascarilla Amaro

Digestif – was launched and tasted. JAB Cascarilla Amaro was created by macerating locally-grown cascarilla and allspice, combined with other harmonious natural botanicals and herbs. Guests were treated to cocktails using the Cascarilla Amaro created by mixologist, Kenneth McPhee.

“I wanted to create cocktails using some of the widely-known spirits we

have worked with in our career,” said Mr McPhee.

“One of the drinks crafted for the event was a Cascarita, a play on the traditional margarita, which included Patron Reposado, Cascarilla Amaro, freshly squeezed lime juice and organic agave syrup.”

To help educate persons about native Bahamian plants, Bahamas Botanicals said it has partnered with the University of The

AI URGED TO AID BORDER PROTECTION CHALLENGES

the sector where you have to use your brain a bit more, and you have to be more smart as opposed to being physically strong.”

Glennett Fowler, president and chief executive of Fowlco Maritime, said stakeholders often encounter gaps in information due to a lack of proper information sharing platforms. She said incorporating AI into the Bahamian maritime sector can help regulators and stakeholders improve safety by sharing real-time information about incidents and having greater access to vessel records.

Mrs Fowler said: “We can’t retain all the information for everything that happens, and there are gaps that exist in information. We can’t really get information to share because sometimes we are operating in a silo and it can’t really help the next measure to be taken so, definitely, the use of AI is going to be critical. “Whether it be a gas tanker or a cruise ship, or an excursion going out to Paradise Island, we just have to start getting more savvy with collection of information and having a database that’s universal with information. I really think that AI innovation,

creation of more databasedriven software, is going to be really what’s going to lean into this whole talk about safety.”

Captain Sandy Campbell, navigator and marine manager at Ship Mate, said technology is used to ensure safety, navigate and complete engineering tasks onboard.

She pushed for the maritime industry to embrace technology as a “tool” to assist in doing tasks and not fear losing jobs by its implementation.

Ms Campbell said: “Especially in international shipping, I see technology as a tool that we use to help

us. Safety, it is one of them, but also as we use it for navigation, engineering, all these things. There is sometimes a fear of technology possibly replacing persons’ positions, but I think we need to change our mindset about it. I’d look at it as a tool that can assist as opposed to the fear that sometimes surrounds it.”

She also encouraged persons coming into the industry to prepare themselves to work in a global capacity, and to engage in ongoing training to ensure they stay up-to-date with new technology advances and trends.

Bahamas (UB) via a memorandum of understanding (MOU) for research and development. This includes investigating the various phytochemical properties of these plants, determining the most efficient means of extraction, and reporting on the known protective, cosmetic, nutritional and beneficial uses. The plants involved are damiana, soursop, cocoplum, guava, almond,

cascarilla, strongback, cerasee, featherbed, fever grass, kamalame, sweet margaret, five finger, love vine and sapodilla.

Bahamas Botanicals is located on Gladstone Road, and aims to produce a variety of alcoholic, non-alcoholic and cosmetic products using local plants, fruits and other natural resources of The Bahamas. The products will be sold via Bristol Wines and Spirits.

Ms Campbell said: “A lot of times persons think: If I get into maritime it’s local. I can work on a charter boat, I can work on the port. But I would like to impress upon people the fact that this is a global industry so you want to prepare yourself to work in a global capacity with persons from all over the world, and not be afraid to embrace technology

“That is literally the direction that we’re going in so do not be afraid of change, do not be complacent, and also be willing to stretch yourself and really set yourself apart from everyone else in the industry.”

MAB chief: Over half of doctors unsure hospital ‘fiscally sound’

the new hospital given “the urgent needs for improvement at the current public hospital. A further 25 percent of respondents replied that they “need more information”, with just 16 percent branding the Davis administration’s plans as “exciting” and “a wonderful idea”.

As for whether constructing a new hospital is “fiscally sound, Ms Rolle said more than half - some 57 percent - either disagreed or strongly disagreed with this assertion. And over 50 percent believed the $290m, 200-bed facility will not help combat “issues of burnout, workload and resource shortages” in the public healthcare system, although 31 percent agreed it might help a little.

Doctor opinion was split over whether New Providence needs a new hospital at this time, with 45 percent backing the idea; 25 percent neither approving or disapproving; and 25 percent against. However, there was far greater unanimity over the perception that the Government had failed

to properly consult physicians on a facility that will house maternal, child and adolescent care as well as diagnostics and a “hub for tele-medicine”.

If given the opportunity, 70 percent of respondents said they wanted to be involved in the planning and implementation of the new hospital, while 80 per cent agreed that Bahamian doctors should have a role in shaping its policies, procedures and practices so that physician concerns and needs are addressed in design prior to opening.

“It’s of paramount importance,” Dr Rolle told Tribune Business of the need to consult the medical profession on the project. “There’s no hospital without the physicians. We must be engaged. It doesn’t make sense if we are not.

“We are promised we will be approached once the implementation process starts, but that’s how concerned the MAB is by publicising a new hospital that the lion’s share of physicians had no idea was

NOTICE

The 44th Annual General Meeting of the Public Workers’ Co-operative Credit Union Limited (PWCCUL) will be held on Friday, May 31st, 2024, with registration starting at 4:00 p.m. and the meeting at 6:00p.m. at the Fusion Superplex, Gladstone Road, for the following purposes:

1. To receive and ratify the Board of Directors’ Report

2. To receive and ratify the 2023 Audited Accounts

3. To receive and ratify the (proposed) 2025 Budget

4. To elect members to the:

i) Board of Directors (3); ii) Supervisory Committee (2); iii) Credit Committee (2); and iv) Nomination Committee (3) All members in good standing are encouraged to attend and participate.

REFRESHMENTS WILL BE SERVED.

PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED

“THE FAMILY CREDIT UNION”

coming.... Many of us are baffled that the proposal has been published before even” consulting the doctors and other healthcare workers.

The MAB president read out various reactions from members, who she did not name, branding the situation as “cart before the horse” and saying they were “amazed” that the wider Bahamian public were informed before the doctors that will actually be responsible for using the new hospital and ensuring its success. One questioned why there was no push back, adding: “We take the whipping.”

Dr Rolle said some physicians who focus on child and maternal/woman care, which the new hospital specialises in, recalled discussions several years ago about developing a separate block at PMH to cater to these practice areas in a bid to drive down child mortality rates. The Minnis administration had planned to invest $55m in constructing such a facility, but the Government has now dropped those plans.

However, the MAB chief questioned why the Government was moving to develop a new hospital without first fixing the staffing shortages and other challenges plaguing PMH and the wider healthcare system. As an example, she pointed to the anesthesiologist department which has seen the retirement of several senior staff as well the departures of more junior members.

As a result, she said: “For the past two or three years, there’s been a declining utilisation of operating theatres.” Dr Rolle said this has, in practice, meant that only four of PMH’s six operating rooms and one endoscopy room have been “running at one time” due to the shortage of anesthesiologists able to administer pain relief and critical care to patients undergoing procedures.

She added that each operation room is supposed to have two personnel - a surgical technician, and a nurse - attached to it 24 hours per day, but there are only sufficient staff for three to four rooms to function simultaneously.

“These are the typical challenges,” Dr Rolle said, who explained she was very familiar with the operations room situation because she works in that area. She added that the Department of Internal Medicine, too, has been hit by the loss of staff including senior consultants, senior registrars and more junior members without being replaced, while there were delays in obtaining CAT scans, imaging and blood work results.

Asked about the staff shortage concerns surrounding the new hospital, the MAB president replied: “Do we have a number of qualified medical staff in the country? Absolutely we do. Are they in the public system? No, they’re not, and why are they not in the public system?

“Let’s put aside financial reasons.. If it was easy to work in the public system, more physicians would be there regardless. It’s very difficult to see good outcomes happen when you have limited resources and a partially functioning system.

“Do we have specialists in the country? Do we have physicians in the country? Yes, we do, but the public system is not conducive to retaining this talent.... If we cannot do procedures and surgeries, optimise the time and space we have now, why spend all this money on a brand new, state-of-the-art hospital when we cannot even utilise what we have now.”

Dr Rolle said it appeared that the proposed $290m hospital, which was initially targeted at child and maternal care “off the PMH campus”, has “blossomed into something else” by providing a wider variety of services than originally envisaged.

“We are really awaiting a meeting with the minister of health. We are eagerly awaiting it. He has promised it, and I do believe it will happen,” she added. “It’s important because there are physicians who are teetering on the edge of leaving the public system, where all it takes is one more bad outcome or just one more fatality to happen; one more reason to be frustrated or agree never to look back.

“It is important to respect, acknowledge and consider the physicians and stakeholders when these proposals are made because it may give incentive and reason for persons to be motivated and stay in the system to take care of patients who cannot afford private care.

“It shows we are being considered, we are being heard and our concerns are being addressed, and that will motivate physicians to stay in the system to make it even better,” Dr Rolle continued.

“It could save the country a lot of money to listen to people who work in the system all the time and how to get it better, as opposed to borrowing all that money for something that looks good on the outside but is dying on the inside when resources could be utilised elsewhere.”

The China Export-Import Bank, the state-owned institution which financed Baha Mar’s multi-billion resort, has agreed to fund the $290m hospital via a 20-year loan with interest at just 2 percent. The terms and conditions of the loan, including the involvement of Chinese contractors and labourers, is still being worked out ahead of a hoped-for September 2024 groundbreaking.

J.S. Johnson & Company, Limited hereby notifies all of its shareholders that based on unaudited results for the quarter ended 31st March, 2024, the Board of Directors has declared an interim dividend of seventeen cents ($0.17 cents) per ordinary share to be paid on Friday, 31st May, 2024 to all shareholders of record as of Friday, 24th May, 2024.

MARIJUANA CO-CHAIR’S FEAR ON ENFORCEMENT ‘BLACK MARKET’

THE co-chair of the Government-appointed commission that examined legalising medical marijuana yesterday voiced fears that weak enforcement could spur creation of “a black market”.

Bishop Simeon Hall, speaking after the Government tabled in the House of Assembly a long-awaited package of Bills to legalise and regulate such activities, told Tribune Business he remains concerned that a lack of will and capacity to properly regulate the sector could “exacerbate some of the social problems” presently facing The Bahamas.

While backing medicinal marijuana for both its potential health and economic benefits, he admitted this nation does “not have a good track record of enforcing almost anything” as it has multiple statute laws that are not properly or fully implemented.

With the Cannabis Bill and accompanying regulations, plus other supporting legislation, now having reached Parliament, Bishop Hall told this newspaper: “I support the idea of medical marijuana. I think it does have some

medicinal benefits. Our committee, though, was worried about enforcement of the law to make sure it did not exacerbate some of the social problems.

“We have enough social problems now. I felt that if we can take the money out of drugs it would decrease how it impacts on other social problems. That’s what the committee tried to do: Let’s bring about legislation like other Caribbean countries. Bring about legislation of medical marijuana, not increase marijuana use in the country.”

The Bills tabled in the House of Assembly on Wednesday move The Bahamas closer to legalising cannabis for medical and religious use while decriminalising possession of small amounts. “It’s already in the country. That’s what a lot of people miss,” Bishop Hall added.

“We drove and walked on many different streets and could find it [marijuana] on almost every street. I can name you nine homes where people are selling marijuana now. We said we have to provide for, to bring, some regulation for dealing with it, but we were concerned about how do we enforce this? The

enforcement at the same time.

“How do you legislate something that could be going on the black market? We’re not good at enforcement. We do not have a good track record of enforcing almost anything. We have a lot of things in the law books but don’t enforce it.”

Bishop Hall acknowledged that, under the legislative package tabled in Parliament, medical marijuana can only be acquired from a licensed “cannabis dispensary” that is operated by a certified pharmacist.

“You can’t go and buy it on the street,” he added. “It was never going to be a free for all for the streets where you could go and buy it.

“What we need to guard against is marijuana being so popular that any ‘John Brown’ goes down the street and buys it. The regulations should be enforced. If they don’t do what is needed in enforcing the law, it exacerbates our social problems.

“People that criticised the legislation miss out that it’s common on our streets now. This won’t cause more marijuana to come; it’s on the street now. I didn’t know it was so common. I

faced some personal criticism because I was on the marijuana committee. As a pastor, I never touched marijuana. I wanted to learn about it so that I could speak to persons hooked on it and selling it,” Bishop Hall continued.

“I said: Let’s regulate it. I support the Government wholeheartedly with regulating it, but make sure in regulating it that it’s not a free for all like you find in other nations.” Branville McCartney, the former Democratic National Alliance (DNA) leader whose party made medical marijuana and its legalisation a core campaign issue in the 2017 general election, yesterday backed the bishop’s concerns.

“Absolutely. This is The Bahamas,” he said. “We have a black market all around. The enforcement of the regulations will be vitally important.” Asked whether The Bahamas is too late in legalising and regulating medical marijuana, Mr McCartney replied: “We’re late but I don’t think we’re too late.

“The benefits of medical marijuana, of course, from a health perspective continue. Not only economically, but it will benefit

persons health-wise, which will be a step in the right direction for us moving forward.” Under the new Bills, initial licence fees range from $1,000 to $5,000, while annual licence fees go from $500 to $14,712 depending on the type.

Cultivation, retail, transport and religious use licences are reserved for Bahamian citizens aged 21 years or older, or companies that are 100 per cent beneficially owned by one or more Bahamian citizens.

Analytical testing licences, manufacturing licences and research licences can be obtained by entities where one or more Bahamian citizens beneficially own at least 30 per cent of the company.

The initial fees for cultivation, religious and transport licences are $1,000. For manufacturing,

retail and research licences, the initial fee is $3,000. For an analytical testing licence, the initial fee is $5000. For cultivation purposes, the non-refundable annual licence fee is $2,944 for nurseries, $9,800 for microcultivation and $12,600 for standard cultivation.

The non-refundable annual fees for manufacturing, analytical testing, research, transport and retail licences are $14,712; $7,356; $7356; $9,800; and $14,712, respectively. The transport licence fee of $14,712 applies for up to three vehicles. For each additional vehicle, the fee is $7,400.

There are administrative fees for security vetting, electronic database and tracking software services, and inspection fees. The costs range from $2,400 to $200.

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Insurer eyes ‘beyond Caribbean’ expansion despite $3m profit fall

Tribune Business: “I can say that our catastrophe costs increased by over 50 percent when compared to 2022. 2023 was the most hectic reinsurance renewal that I ever experienced in my life. 2024 was not so hectic but still a very hard market.”

Asked to predict what will happen if a Dorianstrength storm strikes The Bahamas, elsewhere in the Caribbean or US Gulf and east coasts this year, with hurricane season looming, he added: “It’s crystal ball gazing, but we can say that if something happens it will only be to the negative for the Caribbean. We’re just hoping that, although the season is expected to be active, it s not devastating.

“Otherwise I don’t think none of us can dream what the potential fall-out might be. It’s all going to depend

been fixed, the joint official liquidators of FTX Digital Markets expect the bar date to be towards the end of July, or early August, giving customers at least a further 10-12 weeks to submit a claim in The Bahamas process.”

The extension has been granted because John Ray, the FTX US chief in charge of 134 entities presently in Chapter 11 bankruptcy protection in Delaware, and his team have yet to obtain US court and investor/creditor approval of their reorganisation plan for the crypto exchange.

The cut-off period for accepting creditor claims in The Bahamas must be aligned with that of Mr Ray’s in the US under the terms of the global settlement agreement the latter concluded with the local liquidation trio.

on what happens with the reinsurance market. We’ve preached this game over and over again. Until the Caribbean companies start taking more skin in the game, start taking more of the risk, we’ll always be at their mercy.

“We’ve committed to start building up our equity, and start taking more of the risk to our bottom line, and that is the long-term strategy that RoyalStar is committed to. It’s slow, steady but necessary.” RoyalStar’s current net equity, as at year-end 2023, stands at $58.515m.

And, with access to its German and other European reinsurers secured due to The Bahamas’ escape from the EU’s tax blacklist, Mr Saunders said the company is also focusing on the longer-term despite the immediate pressures from hurricanes and rising costs.

Under the terms of that deal, both FTX’s Bahamian liquidators and Mr Ray are pooling all recovered assets into one giant pot that will be used to compensate creditors by the same amounts, terms and conditions regardless of whether they submit their claims locally or in the US. As a result, both sides have to closely co-ordinate the timing of their respective claims acceptance deadlines and payouts.

“Customers of FTX.com (or FTX International) may participate in either The Bahamas process or US process, but cannot participate in both. Customers will be sent disclosures in June setting out the implications of participating in either process and will have six to eight weeks from the date that disclosures are issued to make their final elections,” the Bahamian liquidation trio said.

“The blacklist is behind us now, so we’re doing our feasibility studies to see where we go next,” he told Tribune Business. “We’re not only looking at that [the Caribbean]. We’re looking at how we expand beyond the region. That’s in the back of our heads in the next two years.”

While declining to name the Caribbean territories and other regions that RoyalStar is targeting, Mr Saunders said further regional expansion will likely take place in the next year-and-a-half. “It takes time to get the licences and all the rest of it, and reinsurers on board and support,” he explained. “We’ll never move anywhere unless we have reinsurance protection.

“We were delayed a year-and-a-half because of the blacklist. We can now concentrate our efforts on diversification, whereas

“Although there may be some differences between The Bahamas process and the US process, customers are expected to receive the same distribution at the same point in time.” The Bahamian liquidators for FTX Digital Markets are also supporting the Chapter 11 reorganisation plan that will see the crypto exchange’s creditors and investors recover more than they are owed.

“The plan does more than return petition date value to creditors: It includes potential incremental recoveries to compensate creditors for the time value of their money trapped at the FTX group since the petition date [November 11, 2022]. Indeed, the debtors currently forecast that customers and digital asset loan creditors will recover between 118 percent and 142% percent of their petition date claim values,” Mr Ray revealed.

previously we were concentrating our efforts on how we manage the blacklist and, if it comes to fruition, how we still access the reinsurance markets.

“That took a lot of management time and strategies away from what we were trying to achieve. All the contingency plans we had in place we can now put them on the shelf and go on with our regular business plan... We determined that we don’t like our eggs in one basket. That is how insurance works. The more diversified you are, the better long-term you are. We’re back to our five-year strategic plan.”

RoyalStar underwrites business in the Cayman Islands, Turks and Caicos Islands, British Virgin Islands, United States Virgin Islands and Anguilla as well as The Bahamas. Mr Saunders said the restricted reinsurance capacity

throughout the Caribbean was limiting the ability of underwriters to provide coverage to new development projects, although thus far RoyalStar has not been impacted by this.

“The unfortunate thing is development is continuing for the territories that we deal in,” he told this newspaper. “We’re looking at about a 10 percent increase in organic insurance per year across these territories. The demand for catastrophe insurance has outstripped the supply.”

Developers unable to find coverage were instead having to place their risks in the “facultative market” and incur prices 10-20 percent steeper.

“We are fine,” Mr Saunders said. “We would like to grow a bit more but understand the reality of where we are and what we’re trying to do more is contain costs.... The margins shrunk

[in 2023] and we did not pass on all the costs to the customer because we have to ensure that customers can afford the product.

“I think over the past few years we have seen where a lot of people have increased their deductibles, some are eliminating the catastrophe cover and just taking the fire. It’s tough. We can’t sit on our laurels and say people have to buy insurance or are forced to buy insurance. We have to do the best we can to keep the product affordable and turn a small profit.”

Households and businesses with mortgages secured on their property have to acquire insurance protection as part of the loan terms. Mr Saunders said of the market: “The toughest I have ever seen it was when I joined the industry after Andrew. This is the second worst.”

Then, through the insertion of a new section 10A into the existing Act, it mandates that pharmacists must have “supervision” over all cannabis dispensaries. “Every cannabis dispensary shall be under the supervision of a licensed pharmacist who shall be responsible for the oversight of the cannabis dispensary,” the Bill states.

“Specifically, this Bill seeks to provide for the establishment of a type of pharmacy to be known as a ‘cannabis dispensary’.” Dr Smith, though, appeared to object to the fact that a “cannabis dispenser” does not seemingly have to be a licensed, qualified

pharmacist - with the latter simply operating in a supervisory role.

Arguing that this aspect of the Bill is a “first step” in seeking to replace the role pharmacists have in patient care, Dr Smith blasted:

“These are the facts. As with the price control matter, the Government has once again insisted on making catastrophic changes to the pharmacy sector without consulting with the official body that represents our profession.

“It has chosen to ignore serious concerns that we raised, and instead has chosen to take counsel from persons who, for the most part, have extremely limited experience and even

NOTICE

NOTICE is hereby given that DESTINA CAJUSTE of 1st Street, Coconut Grove, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas and that any person who knows any reason whyregistration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of May, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JAY JUSTIN JOSHUA ROSE of P.O. Box N9405 Sea Breeze Lane, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of April 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

less direct investment into how our profession actually performs. The BPA will once again seek to intervene as best we can in the best interests of our members and the profession.

“To be clear, the replacement of direct pharmacist involvement in the dispensing of medical cannabis can only be seen as the first step in the attempt to replace one of the key roles of pharmacists in patient care.

I know a small (but vocal) number of pharmacists believe that by ‘supervising cannabis dispensers’ they can make more money,” he continued.

“But they are only facilitating the death of their own profession. If

“The monetisation effort has been successful and the debtors currently expect to have approximately $12.8bn in cash as of the expected effective date of the plan, enough to pay all non-governmental customers and creditors in full based on the petition date value of their claims, subject to the conditions and assumptions described in this disclosure statement.

“Now that the debtors have reached a situation where projected cash covers all non-governmental creditor claims, the debtors intend to continue to gradually monetise their remaining assets in order to maximise the amount available for payment of supplemental amounts to creditors.

“The debtors anticipate reducing all of these assets to cash opportunistically based on market prices and the timing of distributions,

under-trained staff can dispense a controlled substance without the pharmacist, how long will it be before the requirement for pharmacists to dispense all medications is removed? This short-sighted greed will be the downfall of the profession. Think about how ludicrous this really is…they want persons who will take a three-month course to dispense a controlled substance.”

Dr Smith told BPA members: “I urge each of you to think about the larger consequences, and do not allow for the allure of what seems like easy money to blind you. The best way for medical cannabis to be used in health care is for the professionals best equipped for healthcare (physicians, nurses and pharmacists) to specifically manage our patients who actually need the medication, in concert with all the other

NOTICE

NOTICE is hereby given that FABOILA NADIA DOLCEBURROWS of Soldier Road, Nassau The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of May, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ABDIAS CHERISME of Marsh Harbour, Abaco, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of April 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

and certain assets may not be sold immediately but held for sale for some reasonable period of time based on the nature of the asset and market conditions.” FTX Digital Markets in The Bahamas was said to have almost 61,000 potential creditors.

FTX’s Bahamian liquidators previously asserted that the settlement with their US adversary “represents the best deal” possible given that lengthy legal battles would slash creditor recoveries “possibly to extinction”.

Mr Simms, in a January 12, 2024, affidavit filed with the Supreme Court alleged it was “extremely unlikely that more favourable terms could be achieved” with Mr Ray given that the Bahamian liquidation is in a “much weaker financial position” than their Chapter 11 counterpart.

While he and his fellow FTX Digital Markets liquidators have “repeatedly pushed back” against “unacceptable” offers

medications they will also be using.

“I will close with this… I’ve practiced for 25 years with one mantra. I treat every patient as if they were my own mother. Would you want your mother to be getting a controlled medication from an unqualified person off the street who has no knowledge of all the other medications she may be using? Well, every Bahamian is ‘our mother’ and we owe it to all of them to protect their health.”

Dr Smith asserted that the BPA was only invited to, and attended, one consultation session with the Government on the medical marijuana legislation and associated reforms impacting pharmacists, which took place last summer.

“The BPA received the draft from the Office of the Prime Minister in the fall and, after we held several consultations with

by the FTX US chief, Mr Simms signalled that “limited assets” presently available to the trio would be exhausted by continuing their courtroom fight “with no end in sight”. With the Bahamian trio controlling just 30 percent of the local subsidiary’s cash assets, due in large measure to the US Justice Department’s seizure of $143.2m from its US accounts in late 2022, the Lennox Paton senior partner conceded that assets available to pay creditors would ultimately be exhausted by the legal sparring and they would have to seek litigation financing that comes with its own risks. And customer and FTX group assets and liabilities are “so commingled” and “inextricably intertwined that it would be practically impossible”, in addition to creating enormous delays and costs, to try and “unravel” what belongs to which liquidation estateThe Bahamas or Delaware.

membership, we forwarded a formal response to the Office of the Prime Minister in December 2023. That document was also forwarded to the BPA membership,” he added.

“Since December 2023, the BPA has not received any communication from the Government of the Bahamas concerning these Bills or our formal response and recommendations in that document. Last week I was informed that Government held meetings with hand-picked representatives about the Bills, but the BPA was excluded. I reached out to the president of the Medical Association and was informed that they also were excluded.”

NOTICE

and that any person who knows any reason why

should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of April 2024 to the Minister responsible for

NOTICE

NOTICE is hereby given that JUNIOR ANTONIN of #1 Frank Edgecombe, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of April 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

BAHAMAS AIMING TO DRIVE VISITOR GROWTH AT CARIBBEAN CONFERENCE

OFFICIALS from the Ministry of Tourism, Investments & Aviation (BMOTIA) will seek to drive more visitors to this nation by attending next week’s 42nd Caribbean Travel Marketplace.

Hosted by the Caribbean Hotel and Tourism Association (CHTA), the region’s largest tourism marketing event will be held from May 20-23 at the Montego Bay Convention Centre in Jamaica. The ministry, in a statement, said it gives The

THE BTC booth at the recent Freeport Business Expo held on May 2 at the Grand Lucayan resort. Guests who visited the booth learnt more about the various business solutions that BTC offers to small and medium-sized and enterprise businesses.

Bahamas another opportunity to promote its brand and product to the global travel industry.

“Every year, we look forward to being a part of the Caribbean Travel Marketplace and the opportunity it presents to grow tourism in our country and across the Caribbean,” said Chester Cooper, deputy prime minister and minister of tourism, investments and aviation.

“Our participation is about so much more than

sharing strategies that have helped The Bahamas to break tourism records. It is about reinvigorating connections with fellow professionals and polishing the image of the greater Caribbean as an inviting region for travel of all types.”

In 2023, The Bahamas enjoyed record-breaking tourism growth by attracting 9.6m visitors, which represented a 38 percent increase from 2022. While foreign air arrivals rose 17

percent to 1.7m last year, cruise arrivals surged 43.5 percent to 7.9 million. Visitors to New Providence rose by 36 percent in 2023, while those to Grand Bahama and the Family Islands increased by 44 percent and 40 percent, respectively.

The Bahamian delegation to this year’s Caribbean Travel Marketplace will host a press conference on Tuesday, May 21, at 11am. Among the tourism developments that The Bahamas will be promoting

at Caribbean Travel Marketplace are the ministry’s new Incubator Centre, which is designed to boost local entrepreneurship. Also showcased will be cruise industry developments, including Carnival Cruise Line’s private port, Celebration Key, in Grand Bahama; a second private destination for Disney Cruise Line at Lookout Cay at Lighthouse Point in Eleuthera; and a new cruise port and water park on Grand Bahama through a

senior manager of the northern service.

NOTICE

NOTICE is hereby given that JOAN JOYCE FRANCIS NEE KING of Comans Lane off Malcolm Road Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of April 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that TAMARA NICOLA THOMPSON of P.O. Box SS 5686 #14 Seabreeze Grove, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of April 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

partnership between Royal Caribbean, MSC Cruises and the ITM Group.

Airline updates include American Airlines’ new twice-weekly round-trip, non-stop service between Miami and Governor’s Harbour in Eleuthera, and South West Airlines’ new Orlando to Nassau service that further encourages visitors for destination exploration.

BTC’S STRONG PRESENCE AT FREEPORT BUSINESS EXPO

THE Bahamas Telecommunications Company (BTC) says it was present at the recent Freeport Business Expo as part of a strategy to aid Bahamian businesses and entrepreneurs.

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) Magnolio Fund Ltd. (IBC No. 211547 B) is in dissolution. The date of commencement of the dissolution is 13th May, 2024. WND LIMITED is the Liquidator and can be contacted at Winterbotham Place, Marlborough & Queen Streets, P.O. Box N-3026, Nassau, Bahamas. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 11th June, 2024. Liquidator

NOTICE is hereby given that ESTIVERNE JOSEPH of Blackwood, Eleuthera, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of April 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New

NOTICE

To the Members of DALESIDE LIMITED (the “Company”)

Notice is hereby given that an Extraordinary Meeting of the Members of the Company will be held at No. 4 Pineapple Grove, Western Road, Nassau, Bahamas on the 22nd day of May, 2024 at 11:00am for the

1.

2. THAT Sheryl S. Collins of Nassau, Bahamas be and is hereby appointed Liquidator of the Company for the purpose of such liquidation. George P. Maillis

BTC said its team, including its executive senior manager for the Northern Bahamas, Dominic Petty, engaged current and potential corporate customers over the carrier’s business-to-business (B2B) and business-to-customer solutions. Taharji Smith, a BTC associate on the B2B team, led discussions on various solutions it offers.

Mr Petty said: “We firmly believe in our commitment to support business customers in Grand Bahama. It was not just important, but imperative, for the leading telecommunications provider to participate in the recent Grand Bahama Business Expo.

“We are dedicated to being accessible to everyone, offering the necessary information and facilitating sign-ups for fibre services. The Expo provided an ideal platform for our team to highlight the benefits and solutions available through BTC for businesses. Our unwavering focus on customer experience and provision of reliable Internet services are truly transformative for business owners and their operations.”

LEGAL NOTICE

Crossroad Fund Ltd.

Registration No. 209725 B

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) Crossroad Fund Ltd. (IBC No. 209725 B) is in dissolution. The date of commencement of the dissolution is 13th May, 2024. WND LIMITED is the Liquidator and can be contacted at Winterbotham Place, Marlborough & Queen Streets, P.O. Box N-3026, Nassau, Bahamas. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 11th June, 2024.

and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of April 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147,

NOTICE

To the Members of YELLOW RUNNER LIMITED (the “Company”)

Notice is hereby given that an Extraordinary Meeting of the Members of the Company will be held at No. 4 Pineapple Grove, Western Road, Nassau, Bahamas on the 22nd day of May, 2024 at 1:00pm for the purpose of considering and if deemed fit passing the following resolutions:-

1. THAT the Company take all such steps as may be necessary to effect its voluntary liquidation and forthwith cause its name to be struck off the Register of Companies in accordance with The Companies Act, 1992.

2. THAT Sheryl S. Collins of Nassau, Bahamas be and is hereby appointed Liquidator of the Company for the purpose of such liquidation.

George P. Maillis Director

Sheryl S. Collins Director

DOMINIC PETTY, BTC’s senior executive manager for the northern Service, waits to be interviewed by ZNS.

FROM L to R are: Dominic Petty, executive senior manager for BTC’s northern service; Leteasha Lord, senior associate of marketing (front); Ineka Johnson, Rotary Club of Lucaya immediate past president and member of the Grand Bahama Chamber of Commerce; and Taharji Smith, senior associate B2B (right).

EXPORT EXPANSION KEY TO LOWER SHIPPING COSTS

By FAY

A BAHAMIAN maritime executive yesterday urged this nation to increase its goods exports as a means to lower shipping rates.

Glennett Fowler, president and chief executive of Fowlco Maritime, told Tribune Business that increased export volumes will leave The Bahamas better positioned to negotiate lower shipping rates.

She said: “I think that we are missing an opportunity with not maximising the potential of our local industry manufacturers, as well as art curators. Anything along the line that can be exported.

“One of the reasons I think that happens is because collectively we’re not working together in that sector, as far as having better shipping rates for exports, as well as the volume that we need to have better shipping rates for exports.”

Mrs Fowler added that the number of containers

NEW DISTILLERY AIMING TO BUILD BOTANICAL INDUSTRY

A NEWLY-OPENED

boutique distillery is aiming to support Bahamian farmers by establishing a botanical industry that supplies it with the native plants used to make its drink blends.

Bahamas Botanicals (BB), an offshoot of Bristol Cellars and which also features a co-packing plant, said in a statement that it aims to educate the local and international

community on this nation’s native plants, and their benefits and cultural significance, while using them to produce local brands.

The initiative also aims to support local entrepreneurship through co-packing arrangements, the creation of a botanical industry that will support local farmers and other stakeholders, and

leaving The Bahamas on a monthly basis pales in comparison to import volumes. She said: “We are so geared toward what comes in that we’re truly missing the opportunity for what goes out.

“On a small volume, and I’ve been a part of things leaving the country, 10 or 20 containers a month. But when you look at what we bring in we really and truly should be focusing on that as a country.”

Mrs Fowler explained that technology and artificial intelligence (AI) can play a

critical role in strengthening the export sector by collecting data from businesses to determine their interest in shipping goods internationally. She said the technology necessary to expand the sector is already available, but the logistics of implementing the software and making it affordable must be discussed.

“If we were to actually get more data-driven information on how many persons are interested in exporting and using technology to capture that information, we can actually see more useful

technologies come into the industry,” Mrs Fowler said.

“There are things already developed. There are things that we don’t have to really think outside of the box. It’s just how do we bring it in, make it affordable and use it to spearhead some of the things that can really bring revenue not only to the Bahamas government but also to individuals that own businesses.”

Mrs Fowler called for a broader discussion with maritime stakeholders and manufacturers on the way

forward for the Bahamian export market.

She said: “That’s a very active conversation that needs to continue to happen because we have so many creatives, as well as persons who are manufacturing or developing things that can service other regions. We should really get a forum together that can focus on how we can create a better export programme in country.”

AI URGED TO AID BORDER PROTECTION CHALLENGES

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

AN ASSISTANT Port Department controller yesterday affirmed that artificial intelligence can help resolve manpower challenges involved in protecting The Bahamas’ borders.

Lonna Bethel, speaking at a Bahamas Maritime Authority panel discussio in honour of International Day for Women in

Maritime, said technology such as artificial intelligence (AI) and drones can assist agencies such as the Royal Bahamas Defence Force in monitoring the country’s waters and ensuring vessels are following safety guidelines.

She said: “It’s very important for us to partner with technology. To not be afraid of it, to not be afraid to use it, to learn how to use it and to learn what is out there.

“When it comes to marine safety and knowing where these vessels

are going throughout our waters because we’re an archipelagic state, it’s so much for us to cover. It’s impossible for the Bahamas Defence Force, for example, to see everything that’s going on and to be able to enforce safety at all times.

So I think it’s very important for us to address our manpower shortage with technology,”

Ms Bethel added that employees will always be needed to operate the technology, so there should be no fear of losing jobs.

Instead, persons would have to undergo training to transition into new roles that require more mental than physical work.

She said: “At the same time, we must always remember that even though there’s automation, humans are required to give instructions to these machines. It’s not about you not having any more jobs, but it’s just about transitioning to other types of jobs and introducing those types of jobs into