CLICO had its turn six months ago, now Government has stepped forward with a near $100 million rescue plan for policyholders and employees of its sister company British American Insurance Company (BAICO).
Yesterday, in a move that assists about 15 000 “ordinary Barbadians”, the Freundel Stuart administration sought and got Parliament’s approval of a Government-facilitated $84.6 million bond issue for Sagicor Life Inc. to take over BAICO’s life insurance business.
At the same time, Government will provide the $8 million in cash needed to preserve the pension plans of 72 BAICO employees.
The deal also sees the state assuming control of the insurer’s $26.6 million in assets, including an unfinished $18.5 million business complex at Bishop’s Court Hill, St Michael. All of the above encapsulates BAICO being able to meet its statutory fund requirements.
Please read the full story in today’s Midweek Nation, or in the eNATION edition.
