The Insurance Corporation of Barbados (ICB) Limited is holding talks with the government in a bid to take over the operations of its competitor's life insurance arm, CLICO International Life.On Sunday Prime Minister David Thompson announced that a Memorandum of Understanding (MOU) was being drafted for the sale of the company but did not say which company was in negotiation with CLICO. On Wednesday he revealed it was ICB.
"We have come to a determination that we would like to see CLICO International Life extracted from the rest of the CLICO Holdings' operations in Barbados," he told reporters.
"ICB Limited has agreed to a confidentiality agreement and they will be sitting at the table, hopefully very shortly, with the principals of CLICO. The purpose of the confidentiality agreement is, of course, to ensure that the information that is disclosed during the course of any discussions is not any way compromised," Thompson added.
He described ICB as a "reputable Barbadian insurance company". The government is a minority shareholder in ICB. The company's majority shareholder is Bermuda Fire & Marine.
In Guyana, President Bharrat Jagdeo has assured policyholders in CLICO's operations in the country that they will be protected.
At a news conference before leaving for Washington for climate change and financial talks, he said that all claims, including medical and vehicle claims, will be met as long as customers' premiums are up to date.
Jagdeo's reassurance comes on the heels of newspaper reports that Bahamian Prime Minister Hugh Ingraham told his country's Parliament there appears to be no record available "at this time" of CLICO Guyana's investment in CLICO Bahamas.
Jagdeo insisted that CLICO Guyana has a substantial paper trail to prove the existence of the investment in the Bahamas. CLICO Guyana has invested the sum of US$35 million in CLICO Bahamas, he said.
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