BAICO plan

KAYMAR JORDAN Editor-In-Chief,

Added 04 November 2012

davidholukoffpix

WITH THE FATE of CLICO Barbados still up in the air, there’s word  of a possible lasting settlement for the 14 774 local policyholders and investors in its sister company British American Insurance Company Limited (BAICO). In a SUNDAY SUN exclusive interview yesterday, BAICO’s judicial manager David Holukoff revealed key aspects of the plan, dated October 15, which has been detailed in a report filed last month in the High Court. Unlike the CLICO International Life proposal, the BAICO (Barbados) plan is not predicated  on any Government intervention, but much of its success depends on Sagicor Life, which has been named in the report as the “preferred interested purchaser” of what’s left of the BAICO portfolio, including  8 437 traditional life insurance policies and 6 337 flexible  premium annuities. If the transfer is approved by the court, British American, which was previously declared insolvent, would be no more. Its old policies would therefore be cancelled and new ones issued by Sagicor.

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