Sagicor to get CLICO, BAT T&T business

Sagicor Life Inc is set to deepen its foothold in Trinidad and Tobago by taking over the insurance portfolios of both collapsed giants, Colonial Life Insurance Company [Trinidad] Limited (CLICO) and British American Insurance Trinidad Limited (BAT), the company has announced.

Back in March, Finance Minister Colm Imbert declared that after two bid rounds, the two main bidders for the companies were Sagicor and Maritime, with the preferred bidder being Sagicor.

The Government in Port of Spain had taken emergency control of CLICO/BAT when the parent conglomerate, CL Financial, approached the State in 2009 for a bailout that eventually cost taxpayers approximately $23 billion.

In a statement today, Sagicor Group’s president and CEO, Dodridge Miller,  said: “We are pleased to welcome the policyholders to the Sagicor family and assured them of the same level of protection and service that our existing policyholders enjoy upon the completion.”

Claire Gomez-Miller, chairman of both CLICO and BAT in Trinidad and Tobago, said: “Sagicor emerged as the preferred buyer in an open and very competitive tender process with guidance from independent global industry experts.”