New Life Investment Company Limited (NLICO), the new insurance company which will facilitate the handling of the collapsed CLICO’s multimillion-dollar asset portfolio, has started looking at the matter.
That’s the word from Cheryl Senhouse, chief executive officer of Resolution Life Assurance Company, the new two-tiered entity which has taken over all business previously held by the collapsed Colonial Life Insurance Company (CLICO).
Resolution Life last week revealed its business was fully operational, having made payments to policyholders of life insurance and pension.
“Our parent company New Life Investment Company Inc. (NLICO) is currently in the process of addressing the matter of the final asset split for non-insurance assets,” Senhouse said when asked about how the new company would go about handling the numerous properties owned by the former CLICO.
Unconfirmed reports suggest the CLICO asset portfolio could be valued around $58 million.
CLICO owned large properties across Barbados, inclusive of plantation houses and surrounding property at Todd’s Land, Henley, Pool and Wakefield in St John, and Graeme Hall, Christ Church.
Senhouse said the company’s first priority would have been to deal with the thousands of policyholders who had life insurance and pension claims with CLICO.
Resolution Life has already paid out more than $800 000 to policyholders, and is too soon start underwriting new business.
President of the Barbados Investors and Policyholders Alliance, June Fowler, said she was hoping any finances earned by NLICO would be used to keep the two companies running so that money could continue to be paid to policyholders who had been disadvantaged. (BA)
