Sagicor Life appears well poised to take over the insurance business of British American Insurance Company (Barbados) Limited (BAICO), pending final acceptance of its offer by the Supreme Court.
Yesterday, senior Government sources, who are close to the negotiations, made the disclosure in light of last month’s report by the court-appointed judicial manager David Holukoff in which he revealed a $48.1 million difference between the value of BAICO assets on its books and what he had found.
One source described the Sagicor proposal as “superior” to the others that were under consideration, pointing out there would be no real requirement for the Government to put in money at this stage, except to cover the cost of the BAICO building, estimated at more than $30 million.
Another source said a consortium of senior BAICO managers and associates, led by attorney-at-law Dr Trevor Carmichael, was among three firm offers put on the table.
Read the full story in today’s SUNDAY SUN.
