BAICO plan moves ahead

The judicial manager of British American Insurance Company, BAICO, is going full speed ahead with the plan to transfer the company’s life and annuity policies to Sagicor.

It’s about to start the legal process to set the plan in motion.

In an announcement in the press yesterday, judicial manager KPMG said the negotiations for the transfer are at an advanced stage and a draft of the final agreement will be presented to the court and the Financial Services Commission for review.

Once negotiations with Sagicor are complete, the judicial manager will file its final report with the full details of the solution.

KPMG has given early notice that the proposed solution will require a reduction in policy values but says, subject to the approval of Cabinet, government will give financial support.

If that is forthcoming, the policy values will not be reduced by as much.

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