Options for BAICO and CLICO

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Chris Sinckler, Minister of Finance and Economic Affairs speaking at press conference on the economy, last Sunday at Almond Bay in Hastings. (C.Pitt/BGIS)

A new option has been put on the table to rescue the embattled CLICO International Life.

Minister of Finance and Economic Affairs, Chris Sinckler disclosed last Sunday, ??October 30, during a live radio press conference at Almond Bay Hastings, Christ Church, that two regional insurance companies have expressed an interest in looking at CLICO’s portfolio.

"Both major regional insurance companies have expressed an interest in looking at the CLICO portfolio and working with the Government to resolve this matter.?? We have given instructions to the judicial managers to do the normal exchange of information … to see how this matter can be dealt with.

"If there are real possibilities for this to happen, there is indeed a very active live wire in Option 5 that can, at the end of the day, limit government’s exposure to the very minimal," Mr. Sinckler emphasised.

Concerning the plans for British American Insurance (BAICO), the Finance Minister revealed that the company’s issues had been practically resolved and explained that the judicial managers for BAICO in Barbados had recommended that the company’s assets be liquidated.?? He explained this would result in minimal government exposure.

Mr. Sinckler also disclosed that a strategic partner had expressed an interest in?? buying the assets of BAICO.

julie.wilson@barbados.gov.bb

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