CGI to take over CLICO Insurance operations in B'dos, EC

Insurance firm CGI Holdings has said that it is close to an agreement to buy CLICO International General Insurance Company Limited's operations in Barbados and the Organisation of Eastern Caribbean States (OECS).

The firm's chairman, Bruce Bayley, has issued a statement issued announcing 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 International General Insurance is expected to conduct business as usual while it closes the purchase deal with CGI Holdings.