BAICO solution ‘likely’

Article by TY

With Government apparently agreeing to meet a shortfall originally estimated at close to $50 million, a final solution could soon be announced for the Barbados operation of troubled British-American Insurance Company Limited (BAICO).

A settlement couldn’t come any sooner for the Barbados Investors & Policyholders Alliance (BIPA), whose president, June Fowler said yesterday that even as the BAICO troubles headed into a sixth year, policyholders and investors were still unsure exactly what judicial manager David Holukoff had in store for them.

In a Press release this week, the judicial manager (JM) gave another update on efforts to solve the entity’s problems following the collapse of parent company C.L. Financial Limited in 2009.

The discussions have involved the big Barbados insurance group Sagicor – which has already taken over BAICO’s health insurance and property portfolios – and Government, and the focus has been BAICO’s remaining life insurance and annuity portfolios. (TY)

Please read the full story in today’s Saturday Sun, or in the eNATION edition.