Update on BAICO coming soon

THE take-over of the insurance portfolio of the British American Insurance Company (Barbados) Limited (BAICO) by Sagicor Barbados is not yet complete, but a Sagicor official says updates on the progress being made could come in another month.

So says Edward Clarke, Chief Operating Officer and General Manager of Sagicor Barbados. Clarke told the local media gathered yesterday morning in the conference room of the Cecil F. De Caires Building for a press conference, conducted jointly with Trinidad, that while the court has approved the plan that Sagicor set up, the details have not been finalised.

“We are trying to finalise the transition or transfer of the portfolio to Sagicor at this time. Obviously a lot of time has passed, as you well know, and a lot of things have changed since we started the process, so we are in some final discussions before any transfer of the portfolio takes place,” he said.

His comments came as he said that the BAICO policyholders have been receptive to the idea of Sagicor taking over their insurance policies, noting that it would provide them with a “more certain” future outlook.

“We’ve gotten positive feedback; I think people want a resolution to the problem. It is a matter of doing it the right way and making sure that policyholders and our shareholders come out in a fair basis; and it is resolved to everyone’s satisfaction and that no party is treated in an unfair matter, either policyholders or our shareholders,” he said.

Clarke made the point as he indicated that Sagicor hopes to have the matter settled before the end of this year. (JRT)