New CLICO brand
PORT OF SPAIN – Atrius. That’s the name the Trinidad and Tobago government has selected to rebrand the collapsed Colonial Life Insurance Company (CLICO).
While the government had given a commitment in its 2012/2013 budget that CLICO would cease to be in January 2013, the Sunday Express understands that there are some legal hurdles with the name change and application, given the different non-traditional businesses owned by the insurance company.
It is expected that the insurance policies of CLICO and British American Insurance Company will be transferred to the new company.
The behemoth insurance company serves approximately 200 000 customers and its imprint on the country’s financial landscape was so deep that when it went belly up in January 2009, the government was forced to intervene because of the systemic risk it posed to the rest of Trinidad and Tobago’s financial system.
The government’s bailout of CLICO stands at TT$19 billion (BDS$5.98 billion).