Bermuda insurance investors want monies owed

British American in Bermuda.
British American in Bermuda.

HAMILTON — Investors in failed insurance company British American are still waiting for payouts – months after the firm’s Hamilton HQ was sold for nearly $2 million.

And yesterday investors in the failed firm blasted the agents for the official receivers, accountancy firm KPMG.

One investor said: “There has been a terrible lack of communication – they don’t post things on their website or e-mail. We have to keep chasing them.

“It’s disgusting the way we have been treated.”

The woman said she got an interim payment around Christmas 2011 – and, despite having thousands invested in the company, had not received any more cash.

She added: “We were originally told we would get money by August that year – we didn’t get anything until Christmas.”

The woman said that she was shocked at the rudeness of KPMG staff when she went to collect the first payment.

She added: “We had to come in at a specific time and we were split up into alphabetical order. There were elderly people in the line.

“We weren’t given an option. We had to come in at a specific time. It’s terrible the way they have managed this whole thing.

“There are people on fixed incomes who were loyal to British American and they have been treated dreadfully.”

Receivers announced in April that the British American offices had been sold for $1.95 million, nearly five years after British American folded.

Another policyholder with the firm said: “Every time I pass by there I see a ‘for rent’ sign up – I just want the balance paid and to get it over with.”

The woman said she had received a small payment of less than $1,000 after the collapse.

She said she had called the agents for the official receivers, accountancy firm KPMG, several times, but had yet to get a clear idea of when she might get any more of her money back.

The woman said: “I called again this week and I was told that he was just waiting now to hear when the final payment is going to come through. The building was originally up for sale at $3.6 million, but the asking price was twice reduced in a bid to move the property. (Bermuda Sun)

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