Bar­ba­dos based Sagi­cor Life Inc has ac­quired the as­sets Colo­nial Life In­sur­ance Com­pa­ny (Trinidad) Lim­it­ed (Cli­co) and British Amer­i­can In­sur­ance Com­pa­ny Trinidad Lim­it­ed (BAT) for an undis­closed sum of mon­ey.

Both Cli­co and BAT were pre­vi­ous­ly part of the failed CL Fi­nan­cial and was tak­en over by the Cen­tral Bank of Trinidad and To­ba­go fol­low­ing the col­lapse and bail out of CL Fi­nan­cial.

Ac­cord­ing to the Cen­tral Bank me­dia re­lease yes­ter­day, since 2009, Clico and BAT have been un­der the con­trol of the Cen­tral Bank of T&T and a res­o­lu­tion strat­e­gy with sev­er­al phas­es was de­vel­oped to sta­bilise the ac­tiv­i­ties of the in­sti­tu­tions.

“A key com­po­nent of the res­o­lu­tion strat­e­gy in­clud­ed the sale of the tra­di­tion­al port­fo­lios of BAT and Cli­co to a suit­able pur­chas­er at prices con­sis­tent with in­de­pen­dent val­u­a­tions. Fol­low­ing a trans­par­ent, com­pet­i­tive and rig­or­ous bid­ding process con­duct­ed by Cli­co/BAT with Cen­tral Bank over­sight, Sagi­cor was se­lect­ed as the pre­ferred pur­chas­er. Agree­ments for the trans­fer of their re­spec­tive tra­di­tion­al in­sur­ance port­fo­lios to Sagi­cor were ex­e­cut­ed to­day by Cli­co and BAT,” the Cen­tral Bank said.

Ac­cord­ing to the Cen­tral Bank, in ac­cor­dance with the In­sur­ance Act Chap 84:01, Schemes of Trans­fer are re­quired be­fore the sale can be com­plet­ed.

“Sagi­cor will pre­pare the Schemes of Trans­fer in re­spect of the Cli­co and BAT poli­cies for reg­u­la­to­ry ap­provals. The en­tire trans­fer process is an­tic­i­pat­ed to take sev­er­al months dur­ing which time Cli­co and BAT will con­tin­ue to ad­min­is­ter their re­spec­tive port­fo­lios un­til the Schemes of Trans­fer are con­firmed.

“Con­sis­tent with the ob­jec­tives of the res­o­lu­tion strat­e­gy, the in­tend­ed trans­fer of the tra­di­tion­al in­sur­ance port­fo­lios to Sagi­cor is aimed at safe­guard­ing pol­i­cy­hold­ers’ in­ter­ests and as­sur­ing con­tin­ued fi­nan­cial sta­bil­i­ty in T&T.”

Ac­cord­ing to a me­dia re­lease from Sagi­cor Life Inc, Do­dridge Miller, Group Pres­i­dent and CEO, Sagi­cor, said: “We are pleased to wel­come the pol­i­cy­hold­ers to the Sagi­cor fam­i­ly and as­sure them of the same lev­el of pro­tec­tion and ser­vice that our ex­ist­ing pol­i­cy­hold­ers en­joy up­on the com­ple­tion.”

Claire Gomez-Miller, Cli­co’s Ex­ec­u­tive Chair­man and BAT’s Chair­man, said: “Sagi­cor emerged as the pre­ferred buy­er in an open and very com­pet­i­tive ten­der process with guid­ance from in­de­pen­dent glob­al in­dus­try ex­perts.”

In March, Fi­nance Min­is­ter, Colm Im­bert had said that he was re­view­ing of­fers for Cli­co from two in­sur­ance groups—Sagi­cor and Mar­itime.

Speak­ing to the me­dia at his of­fice at the Er­ic Williams Fi­nan­cial Com­plex, Port-of-Spain, at that time, he said he was “no rub­ber stamp” to push through de­ci­sions and had to pro­tect the pub­lic in­ter­est.

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