CLICO POLICYHOLDERS will lose out on more than half of their investment under the plan recently proposed by judicial manager Deloitte Consulting Limited.
Details of the $400 million loss are contained in the judicial manager’s 13-page update to the High Court, a copy of which the SUNDAY SUN has obtained.
“All policyholders, traditional and EFPAs [executive flexible premium annuities] would have their liability of $837 million written down to $441 million, representing a loss of approximately $400 million,” stated the document, which indicated that the write-down amount represented the current value of CLICO International Life (CIL) assets – $288 million of which are in Barbados.
“The loss would be applied equitably across all policyholder types so that the restructured traditional business would have total liability of $177 million and the EFPA would have total liability of $264 million.”
