THE JUDICIAL MANAGER of British American Insurance Company (Barbados) Ltd (BAICO) has indicated that the company’s insurance portfolio could soon be transferred to a “reputable and highly regarded” company.
Further to his September 9, 2011 report to the Supreme Court of Barbados, chartered accountant and certified fraud examiner David Holukoff told the DAILY NATION he was seeking “a multi-tiered transaction” in which the health and property books would be transferred ahead of the life and annuity business.
He said in his report that the “interested party has the financial capacity to effect the transaction and an insurance background that appears suitable”.
In explaining the decision to first transfer the health and property books, he said it was not a case of these portfolios being more important than the others, but rather, they were smaller, less complicated and required more immediate attention. (NB)
Full story in today’s DAILY NATION.