Deal close for CLICO in Eastern Caribbean
Insurance firm CGI Holdings said it is nearing a deal for the purchase of CLICO International General Insurance Company Limited's operations in Barbados and the Organisation of Eastern Caribbean States (OECS).
Chairman of CGI Holdings Bruce Bayley, in a statement issued at the weekend, announced the purchase and sale agreement between the two companies.
"On completion of this acquisition, CLICO International General will become a wholly owned subsidairy of CGI Holdings Inc, as is CGI Consumers' Guarantee Insurance Company Limited," Bayley said.
"Once all conditions have been satisfied and all approvals have been obtained, we will complete the acquisition and start the transition process."
CLICO said it was heartened by the overwhelming support received from its policyholders, whom it thanked for their show of confidence.
"As we restructure and improve our operations, we will not forget this support and as our organisation strengthens, we will find innovative ways to ensure that you parti-cipate in our future successes," CLICO said in a statement.
Business as usual
CLICO International General Insurance is expected to conduct business as usual while it closes the purchase deal with CGI Holdings.
CLICO operations are being sold off or placed in government custody across its regional markets, a move taken by different countries to protect policyholders after the Trinidad-owned insurance group ran into liquidity troubles at the close of 2008.
CLICO and its parent CL Financial were rescued by the Trinidad government, which is now selling off businesses owned by the conglomerate.