Bid for BAICO

Various parties have expressed an interest in buying British American Insurance Company (Barbados) Limited either as a unit or in specific components.
This was revealed yesterday by court appointed judicial manager David Holukoff who told the MIDWEEK NATION the proposals were being analyzed, and that discussions were ongoing with the relevant stakeholders to ascertain which sale option, if any, was feasible for the company and best for policyholders.
“We have some very serious people at the table and this bodes well. It is a good sign,” he said.
Holukoff, who is director of advisory services of the auditing firm KPMG, said it was difficult to predict how soon a sale might be concluded, due to the number of stakeholders involved: the Government, regulators and potential buyers.
He noted that while “everybody is of the view that time is of the essence”, the solution had to be advantageous for both policyholders and the purchaser, and it had to be approved by the Supreme Court.
Holukoff’s 90-day report to the Supreme Court stated that the option most advantageous to policyholders was the sale of certain portfolios and subsequent restructuring, with liquidation as an alternative should this process fail.
The chartered accountant said another report was being prepared and should be submitted “very shortly”. Holukoff, also a certified fraud examiner, was appointed last October by request of the Office of the Supervisor of Insurance, which barred British American from selling new business.