Hundreds of British American Insurance Company (Barbados) Limited (BAICO) policyholders are about to get a near $12 million happy ending.
Senior manager, advisory, David Collins, speaking on behalf of BAICO Judicial Manager, KPMG Advisory Services Limited, confirmed to the Sunday Sun that the final distribution of monies due to the owners of about 1 350 policies would start next week.
With sister company, CLICO’s successor Resolution Life Assurance Company Ltd, also in the process of concluding payouts before winding up, Barbados Investors and Policyholders Alliance (BIPA) president June Fowler said they were eager “to bring closure to this chapter of the entire CL Financial saga here in Barbados”.
Last year, BAICO policyholders received 70 per cent of their due and the remaining 30 per cent will now be disbursed. (SC)
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