ICBL Board shakeup

Less than one month after the announcement that BF&M had agreed to sell its interest in the Insurance Corporation of Barbados (ICBL) two of its independent directors have resigned.

In filings under Barbados’ Securities Act, ICBL has given notice that directors Juanita Thorington-Powlett and Toni Jones had offered their resignations from the board.

Thorington-Powlett, a retired permanent secretary, has been a longstanding ICBL director, serving on the board since 2001. Highly regarded for her expertise Thorington-Powlett has also been a director of the Caribbean Development Bank and in January, she along with businessman Mark Maloney were appointed to the board of LIAT.

Jones, an attorney at law who submitted her resignation from ICBL on September 15, has been replaced by James S. Edghill a Barbadian property development consultant and one of key figures behind the $260 million Hyatt Centric Hotel project planned for Bridgetown.

Thorington-Powlett has been replaced by Vicky Bathija, a businessman who reportedly prefers to maintain a low profile.

The other board members are chief executive officer Geoffrey Scott, Goulbourne Alleyne, Jennifer Hunte, Gordon J. Henderson and Sir Paul Altman.

ICBL chairman John Wight revealed in early September that the Bermuda-headquartered insurance giant was selling its 51 per cent stake in ICBL to a company called Paynes Bay Finance Inc. which already had investments in Barbados.

“The BF&M Group has decided that by moving forward with our remaining wholly-owned, cross- jurisdictional subsidiaries, we are better positioned to execute on our long-term strategy. With ICBL’s management and staff, and PBF as the new majority shareholder, the company is in great hands. We wish the very best to all at ICBL,” Wight said in a statement.

BF&M bought the majority stake in ICBL in 2005 for almost US $26 million when Government sought to divest some of its investments in state corporations. Wight, who is also BF&M’s chairman and chief executive officer described ICBL as an “excellent investment that had run its course over the past 15 years”.

Hinting that BF&M was not happy with its Barbados investment, Wight told the Bermuda newspaper: “We feel the capital could be better utilised pursuing other opportunities in other jurisdictions that we’re more comfortable with.” (IMC1)