CLICO progress

Article by RICKY JORDAN

CLICO HOLDINGS BARBADOS Limited has been placed in receivership with immediate effect, thereby speeding up the likelihood of repayment for CLICO International Life’s (CIL) 25 000-plus policyholders.
Two years after being appointed judicial manager of CIL insurance company, Deloitte Consulting Inc. yesterday placed CLICO Holdings under receivership, stating that its decision was in keeping with the basis of its appointment to act in the interest of CIL’s policyholders.
The judicial manager also appointed Patrick Toppin and Ikins Clarke as receiver-managers.
“By placing CLICO Holdings under receivership, the judicial manager’s intent is to preserve the assets of CLICO Holdings and maximise the recovery value on behalf of policyholders,” Deloitte explained in a statement to policyholders and the media yesterday.