Policyholders may lose 50%OLIVER JORDAN (FP)
By Dawne Parris | Sun, November 04, 2012 - 12:09 AM
CLICO POLICYHOLDERS will lose out on more than half of their investment under the plan recently proposed by judicial manager Deloitte Consulting Limited.
Details of the $400 million loss are contained in the judicial manager’s 13-page update to the High Court, a copy of which the SUNDAY SUN has obtained.
“All policyholders, traditional and EFPAs [executive flexible premium annuities] would have their liability of $837 million written down to $441 million, representing a loss of approximately $400 million,” stated the document, which indicated that the write-down amount represented the current value of CLICO International Life (CIL) assets – $288 million of which are in Barbados.
“The loss would be applied equitably across all policyholder types so that the restructured traditional business would have total liability of $177 million and the EFPA would have total liability of $264 million.”Please read the full story in today’s SUNDAY SUN, or in the eNATION edition.
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