Caribbean governments announce transfer of BAICO business to Sagicor

ST GEORGE’S, Grenada, CMC - Eastern Caribbean governments Wednesday said they had finalised an agreement allowing for the transfer of British-American Insurance Company Limited (BAICO) traditional insurance business to Saigicor. In June last year, the government grouped under the Eastern Caribbean Currency Union (ECCU) said they would provide funding to assist in restoring value to the transferring policies as they sought to deal with the fall-out caused by the financial collapse of the Trinidad-based C.L. Financial Group that includes the Colonial Life Insurance Company (CLICO) and BAICO. A statement posted on the websites of the governments noted that following approval from all nine insurance regulators and courts within the ECCU and the Bahamas where BAICO is incorporated, the transfer of the traditional insurance businesses to Sagicor had been finalised on March 15.