AN OFFER by the Weatherhead group of companies, headed by Bernie Weatherhead, to purchase CLICO General Insurance has been accepted by CLICO Holdings Limited.
In an interview this week, Weatherhead, who owns several tourism-related businesses, confirmed that CLICO Holdings had accepted his bid to purchase the insurance company.
Among the businesses in the Weatherhead group are Sugar Cane Club and Spa, Worthing Court Hotel, Going Places, Johnson Stables, Worthing Court Hotel, Drive-A-Matic, Adventureland, I-Mart, Tropical Wedding, Sunset Crest Service Limited and Sun Tours.
Weatherhead said: “We’ve been a CLICO agent for many years, and all our companies have been insured with CLICO General. Over the years we’ve also built up a relationship with the management and staff and have been active as an agent in building a relationship with the reinsurers of CLICO. This was an important part to our decision.”
CLICO General Insurance is described by Weatherhead as a sound company that has performed well in settling claims and meeting their regulatory requirements.
“I have a knowledge of their operations. CLICO was the first insurance company to fly into Grenada after Hurricane Ivan in 2004. Their settlement of claims was unbelievably quick.
“The company has great clients, and I have confidence in the staff,” he said.
Potential
Weatherhead added that the insurance company would widen his base by the addition of offices in every island.
“We are going to pay attention to the insurance company in the islands – as we see this as a potential growth area – and in Barbados, the head office. We will do everything possible to recapture the good clients who, because of uncertainties, had taken their business elsewhere.
“We appointed the company Ecklers of Canada to do due diligence and so far we are comfortable with the viability and stability of the company.
“We also want to bring some innovation to the insurance business, but at all times keep in line with the requirements of insurance regulators throughout the island,” he further said.
Weatherhead added: “It is our intention to maintain the staff complement, and we will embark on a major marketing thrust aimed at restoring faith in the hearts of people that were with CLICO General.”
The new company will be backed by Willis, the second largest reinsurance broker in the world.
It was also confirmed that Going Places, one of Weatherhead’s companies, this week purchased long-standing travel agency St James Travel, bringing their number of locally owned travel agencies to six. Going Places also has travel agencies in The Bahamas, Dominica, Grenada, St Lucia, St Vincent and Trinidad.
