The company which is due to take over the insurance portfolio of British American Insurance Company Limited (BAICO) is eager to see a resolution before the end of this year.
Chief Operating Officer and General Manager of Sagicor Life Inc Edward Clarke said he was hoping that policyholders of BAICO would be given some good news within another month.
A major part of the restructuring plan for BAICO is the transfer of its life and annuity business to Sagicor and issuance of the $84.6 million in bonds.
In the detailed final report filed in the Supreme Court on March 14, 2016, KPMG, the judicial manager of BAICO, estimated that the assets would have been transferred before the end of last year. This is yet to materialize.
KPMG was appointed judicial manager of BAICO, the sister company of the failed CLICO International Life, on September 30, 2010.
Providing an update on the pending transfer, Clarke said Sagicor was undertaking the final phase “and we expect to have some further updates I would say, within the next month or so”.
“Obviously a lot of time has past and a lot of things have changed since we started the process. So we are in final discussions before any transfer of the portfolio takes place,” Clarke said.
Acknowledging that policyholders were unlikely to breathe any sigh of relief until “the final signature”, Clarke said: “We hope that we can come to a resolution before yearend. I would hope long before yearend.”
Notwithstanding, the insurance executive said Sagicor had been getting positive feedback from the policyholders because there was now light at the end of the tunnel.
“I think anytime a policyholder has a more certain future outlook they are very pleased. We have gotten positive feedback. I think people want a resolution to the problem. It is a matter of doing it the right way and ensuring . . . that it is resolved to everyone’s satisfaction and no party is treated in an unfair manner,” Clarke said.