CLICO INTERNATIONAL LIFE INSURANCE has indicated that it was prepared to work with the judicial manager appointed to lead the firm as it grapples with liquidity difficulties.
At the same time CLICO has stated that it will be working to safeguard the various investments of policyholders and investors.
In a Press statement CLICO noted that despite its efforts at restructuring its short term obligations to policyholders and investors, the company has been challenged given the demands by policyholders, many of whom have lost confidence because of the financial troubles facing the once mighty pan- Caribbean company.
CLICO said judicial management was one of the routes by which the restructuring of the company and its continuity can be achieved. The accounting firm of Deloitte and Touche has been identified as the judicial manager.
“Net cash from our asset sales will therefore be held in escrow pending the formal appointment. We are hopeful that the proposals aimed at resolving our liquidity difficulties which we have presented to the relevant authorities will be embraced by the judicial manager. CLICO?is fully prepared to work cooperatively with the manager to ensure that solutions in the best interest of policyholders and investors are generated in order for the company to emerge as a stronger entity from this process.
“CLICO is indeed heartened by the continued strong support from our many policyholders and investors in the face of the difficulties we are experiencing, and we will work tirelessly to ensure that their investments are safeguarded.” CLICO said in its statement.
The insurance company has indicated that it was prepared to answer questions and concerns from policyholders and investors, and in addition to briefing its agents will be using its website: www.clicoinfo.com. Responses to queries are promised via email.
CLICO Life is part of the CL Financial Barbados operations. The company was able to sell off its mortgage company, CMFC to the Barbados Public Workers’ Cooperative Credit Union and is in the process of selling CLICO General Insurance to another local company.
A number of policyholders and investors in CLICO Life have complained of not being able to recoup their investments. (ES)
