Insurer: It’s a strategic move
British American Insurance Co. (Barbados) Ltd is urging its policyholders not to panic as it seeks a buyer for its operations.Moreover, the company said, it desired judicial management in order to preserve investors’ interests, and such a move should not be viewed in a negative light.According to a letter sent to policyholders in March, British American’s chief executive officer and general manager Keith King said: “Negotiations have started with a number of strategic investors, with the view of transferring the ownership to a new entity.”The insurance boss told policyholders that since parent company CL Financial in Trinidad and Tobago was “no longer actively involved” in the strategic management of the Barbados operation, the appointment of a judicial manager was in keeping with the company’s desire to continue to preserve the interests of its policyholders, and should not be seen as negative.Policyholders were assured that claims would continue to be serviced, but were told that, with the permission of the Supervisor of Insurance, the company had “temporarily suspended payments on withdrawals and surrenders” until a judicial manager was appointed.One year ago, British American Insurance assured its policyholders that it was able to continue “as a going concern”. The insurance company promised to be “fully operational”, and told its clients that it was working “assiduously” to ensure their interests as policyholders were preserved. (MM)
From this week’s Business Authority now on sale islandwide.