ICBL to sever staff
The Bermuda-based Insurance Corporation of Barbados Limited (ICBL) is preparing to cut staff by way of a voluntary separation programme.
Barbados TODAY understands that the offer has been made to all permanent employees who have been with the company for more than two years.
When contacted today, Acting Chief Executive Officer Goulbourne Alleyne would neither confirm nor deny that cuts were taking place, amid ongoing internal restructuring.
However, company officials have since indicated that a media statement is to be issued next week.
The move comes on the heels of the sudden departure of Managing Director and Chief Executive Officer Ingrid Innes, who resigned from the top position back in January. That announcement came in a brief statement issued by ICBL, in which it was also revealed that Innes had given up her position on the board of directors.
However, to date no reason has been given for her sudden exit from the insurance company, which had promised in its 2015 report that its staff level “will remain stable with necessary changes to be made as required”.
In fact, the report had suggested that there would be further strengthening of the team by way of specialized and talented managers in critical areas.
The well-capitalized company had also boasted at the time of shareholders’ equity in the amount of $149.1 million and an investment portfolio in excess of $223 million. However, based on 2013 data, its total staff complement stood at 191 permanent employees, making total staff costs of just over $17 million, including a $14 million wage bill.