Clico up for sale in T&T

(Trinidad Express) Central Bank Governor Jwala Rambarran yesterday confirmed that the Colonial Life Insurance Company Ltd (CLICO) was up for sale.

Further, the Central Bank was in the market for a buyer.

In a press statement issued yesterday, Rambarran explained: “As part of the resolution strategy for CLICO, the Central Bank proposes to transfer CLICO’s traditional insurance portfolio for value to an acquiring insurance company that is well capitalised, has a proven track record and the capacity to honour all obligations to policyholders.”

Rambarran said to achieve this objective, the insurance portfolio is being evaluated by an independent valuation company.

“An independent actuarial firm has, therefore, been engaged to value CLICO’s traditional business for this purpose and the exercise is still in progress,” he said.

“Subsequently, the Central Bank will conduct the process for the sale and transfer of CLICO’s traditional insurance portfolio on a transparent, open market basis. The bank has neither engaged with any prospective buyers nor made any decision on the structure of the portfolio transfer,” he said.

Rambarran noted that pursuant to Section 44D of the Central Bank Act, the Central Bank was in control of CLICO which started on February 13, 2009, in order to safeguard the interests of policyholders and creditors and to prevent disruption, substantial damage or impairment of our financial system.

“The Central Bank is the only entity empowered to restructure the business or undertakings of CLICO, in accordance with the provisions of the Act,” he said.

The Government said it has spent close to TT$25 billion since it acquired the cash-strapped insurance company from Lawrence Duprey in 2009.



About these comments

The comments section is intended to provide a forum for reasoned and reasonable debate on the newspaper's content and is an extension of the newspaper and what it has become well known for over its history: accuracy, balance and fairness. We reserve the right to edit or delete comments which contain attacks on other users, slander, coarse language and profanity, and gratuitous and incendiary references to race and ethnicity.

Get the day's headlines from SN in your inbox every morning:

Most Read This Week

  1. Fast food lovers inside KFC yesterday

    KFC back in business

  2. Bibi Shareema (left) and her mother Bibi Shameela in
happier times

    Greenwich Park woman died 44 days after brutally stabbed by ex-partner

  3. Ameer Abdool Subrati

    Man dies after bandits target overseas-based couple at Herstelling

  4. Updated: Man dies after bandits attack overseas-based Guyanese at Herstelling

  5. The building housing the home and grocery

    Bandits invade Alness businessman’s house, shots fired

  6. Barry Dataram

    Datarams getaway passports had been issued to other people

  7. Alimudeen Gobin’s demolished house

    Violent storm lashes No. 19 Village

  8. Bharrat Jagdeo

    Crime has never been this bad – Jagdeo

  9. The ganja found in Prashad Nagar (Police photo)

    Police find 52 lbs of ganja in Prashad Nagar house

Recommended For You