CLICO’s next step
AFTER failing to get the financial backing to recapitalize CLICO International Life (CIL), the judicial manager is reportedly now exploring the option of selling the company to repay policyholders, some of whom will not get all their money back.
The SUNDAY SUN has learnt that in his next update to the court, Oliver Jordan will advise that he is seeking a buyer for the financially troubled CIL, as insurance giant Sagicor – with which discussions have already started – and Guardian have expressed an interest in the purchase.
This development comes less than two weeks after Minister of Finance Chris Sinckler disclosed that two major regional insurance companies were interested in CLICO’s portfolio.
When contacted, Jordan said he could not comment on the matter at this stage. (DP)
Full story in today’s SUNDAY SUN.