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Financial News

Sep 2009 Financial News

Local companies win bids to take over two CLICO operations

Sep 30, 2009

BRIDGETOWN, Barbados - Two Barbadian entities have won bids to take over the operations of two companies of the beleaguered insurance firm CLICO, according to local media reports.

The Nation newspaper said yesterday that Consumers Guarantee Insurance (CGI) Limited was successful in its bid to buy the general insurance arm of CLICO in both Barbados and Trinidad and Tobago.

That announcement was made a day after it was disclosed that the Barbados Public Workers' Co-operative Credit Union Limited had also won the right to acquire CLICO Mortgage and Finance Company.

"We were among a number of companies that made a bid for CLICO International General Insurance Company," CGI director Peter Harris told to the Nation newspaper, adding: "we are under a confidentiality agreement and a public announcement will be made shortly."

The newspaper reported that three other local entities and a regional insurance company with international connections were also in the running. No further details about the deal were revealed.

The disclosure comes after Prime Minister David Thompson earlier this year refused to place CLICO Holdings under judicial management and instead installed a board
to oversee the sale of some of the
company's operations.

CLICO's troubles were spurred by financial difficulties at parent company, CL Financial in Trinidad and Tobago, which had to be given a bailout by the government of that oil-rich Caribbean nation.

Jamaica Observer
Wednesday, September 30, 2009