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.

Goulbourne Alleyne

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.

29 Responses to ICBL to sever staff

  1. Bupps March 25, 2017 at 6:11 am

    Is ICBL a Bermuda BASED company?

    • Kevin March 25, 2017 at 12:10 pm

      ICBL ultimate parent company is a Bermudian company from donkey years ago.

  2. jrsmith March 25, 2017 at 6:12 am

    Another one using barbados as a guinea pig , getting ready to go now they have done they test…………………………..

    • Jennifer March 25, 2017 at 6:26 am

      jrsmith – You took the words right out of my mouth. Piggy in the middle. Not only a test, pillaging too.

    • Peter March 25, 2017 at 6:43 pm

      jrshit oops I mean smith. ICBL was a Barbados owned statuary company sold to Bermuda. The Barbados Govt. had to sell I. Best offer came from Bermuda A British Colony They are restructuring their operations in preparation for Much larger investors opportunities. ie. Lloyds. They have to produce due diligence that will show they’re a profit center. You and Jennifer need to put on your business caps.

    • Bazza March 28, 2017 at 11:05 am

      Just to clarify some of the xenophobic comments being made on this page, ICBL was acquired in 2005 from the Barbados Government by BF&M – a Bermudan company whose history dates back over 100 years.

      BF&M has around 161 employees compared with 191 at ICBL, even though it has around five times the premium income of ICBL! ICBL’s results have been less than stellar for some time now, due to its loss-making group health business and – needless to say – its auto business, where for years it has been known to insure all the accident-prone taxi and bus fleets, without any regard for getting the right price.

      Faced with this scenario it is hardly surprising that the owners are looking to cut staff numbers and costs. Ms Innes was never likely to win over the likes of Wismar Greaves and I suspect she just tired of all the opposition she found to new ideas, systems and – horror or horrors – hard work!

  3. Omar Watson
    Omar Watson March 25, 2017 at 6:39 am

    No funny memes now huh?

  4. Dale Black
    Dale Black March 25, 2017 at 7:27 am

    Yes I believe dis is a bermuda based company 1 of de many state own treasures sold along wid de national bank by Arthur’s administration way back wen if I’m correct hmmmm

  5. Greengiant March 25, 2017 at 8:19 am

    Thanks for reminding our fellow commentators Dale Black. ICBL and BNB were sold by the Owen Arthur led BLP administration to get foreign direct investment. That was their way of generating foreign exchange to support their overheating of this economy. They can tell us how many weeks of reserves were maintained during their time in office and how much they left when they lost power. They will never tell us how much they sold to acquire the foreign reserves. The BLP sold our people’s assets at the International pawn shops for whatever they could get just to make the books look good.

    So yes we may need change but not back to the BLP please. If Motley, Payne, topping and their new brigade want the people to return them to office they’ll have to come clean with the people. Tell us about all the sweetheart deals, contracts with multinational corporations and pawn shop business conducted during your time in office that only served to give you spending money for your trip to the unknown destination. Yes the very destination at which we have arrived today, the BLP bought us the ticket for the trip to our current destination. Only thing is the BLP never knew the final destination and they still don’t. My point is we need solutions for Barbados, solutions apparently unknown to both leading parties.

    • Donild Trimp March 25, 2017 at 9:23 am

      @ Greengiant – I wanted to add a comment but after reading your post, I cannot come up with anything.

      In only two paragraphs you have so eloquently addressed the issues that nothing more need to be said.

      Highest grade to you Sir/Madam: A+

  6. Alex Alleyne March 25, 2017 at 9:15 am

    Many Bajans bought shares in ICBL , and after OWEN and friends sold it (I thought to T&T) they paid us out and said “see-ya”. They went on to use a “big stick” by dropping all drivers who they deemed as “high risk”. After a few years of less and less customers they put out an ad saying they will offer 10% for all new customers we welcome you back. After that failed out went the CEO. Most of us see you all as just “collection agencies”.

  7. TenThirty March 25, 2017 at 10:31 am

    The BLP sold shares in the two companies to the public of Barbados. The Trinis and Bermuda folk then came in years later and bid up the prices of the two and us greedy, financially uneducated Bajans sold our shares. Get your facts straight people.

  8. Quietly Observing March 25, 2017 at 11:41 am

    Who else is there to send home? They aim is to get rid of all the “old” staff and hire all youngsters non insurance personnel. Pay them the lowest salary and not appoint them permanently. After 2 years break they contract by sending them home and after approximately 2 weeks bring them back. In that way they don’t have to appoint them permanently because the union agreement says after 2 years you have to appoint persons. Since the arrival of this new HR that is what has been going on and the CEO ag has no say just a figure head. The service is at its lowest ever. Staff just don’t seem to care anymore. They stop caring for they customers as well not even a little notebook or diary you can get like when Mr. Wismar Greaves was the CEO. Can you imagine they slogan is “always there when you need us most”. You ever try calling in there? Or even leaving a message no one especially that claims department returns your call. That is the worst run department in ICBL. They make a mockery of they slogan. They also have lots of chiefs and no Indians they would save on their wage bill if some of the chiefs go home.

  9. Quietly Observing March 25, 2017 at 11:57 am

    Who else is there to send home? They aim is to send home all the “old” staff and hire all youngsters with little or no experience as a matter of interest all non insurance personnel. They keep them temporary and after 2 years they break they contract by sending them home and after approximately 2 weeks they rehire them. This way they don’t have to appoint them permanently because the Union contract states that after 2 years you have to appoint the person. Since the arrival of this new HR that is what has been going on and the new CEO ag. has no say he is just a figure head. The service is awful the staff don’t seem to care anymore they don’t even care about they clients either. You can’t even get a notebook or a diary like when Mr Wismar Greaves was the CEO. Have you ever try calling in there? No one answers the phone or even returns your call especially that Claims Department it is the worst run department in icbl. They don’t live up to their slogan “always there when you need us most”.

  10. Mikey March 25, 2017 at 1:14 pm

    Greengiant, I am not afraid to say that we need not go back and forth,,, just get some new ideas and new people with “Solutions Barbados” with Grenville Phillips, even if it means a Coalition and get rid of some of the greedy lawyers and text book economists .
    Greengiant, if you are not spelling it out plain and clear, I am doing it for you.

  11. Quietly Observing March 25, 2017 at 1:44 pm

    Who else is left to be sent home? Every other insurance company is hiring insurance professionals icbl hiring otherwise. All youngsters and they haven’t made them permanent. They service has hit an all time low. No one seems to care anymore. “Always there when you need us most”. They need to be living that slogan.

  12. Quietly Observing March 25, 2017 at 2:14 pm

    Who else is there to send home?

  13. Miche March 25, 2017 at 5:06 pm

    ( 1 ) Oh what a tangled wed we weave ,,when first we practice to deceive……..

    ( 2 ) To all you side winding 3rd and 4th party members,,,, This is not the place to start your campaign.

    ( 3 ) Thank you Mr Green giant
    ,, Thanks for reminding the natives who started the selling of Assets to get the much wanted foreign reserves,,and at a time when money was flowing,,and when there was no depression…sorry that you stopped there,,you could have mentioned a lot more,,but you stopped swimming in mid stream, a fatal mistake

  14. fedup March 25, 2017 at 7:02 pm

    She dig out fast enuf. hmmm

  15. YOGI NI March 25, 2017 at 7:02 pm

    None of this surprise me, when the head of anything is bad the whole thing is bad. ICBL was once a great Barbarian Company. It had excellent staff some of whom were with the company for over 30 years.

  16. Wendy March 25, 2017 at 8:03 pm

    And where the staff now? They run them away.

  17. fed up March 25, 2017 at 9:51 pm

    This is so dreadful the vice presidents need to go not the bottom line staff, stop all the stealing at ICBL and that will make things better Mr Wismar Greaves left so much money in reserve and that dreadful woman and all the others stole the money now the bottom line staff have to suffer. God does not like ugly I am sure what goes around comes around. I hope lots of share holders and important people remove their business from icbl.

  18. Johnathan March 26, 2017 at 3:45 am

    Green giant and Donald Trimp are so back ward they probably come from Carson Cadogan back yard. Only the tail board of a donkey cart is more backward..Blind,senseless,ignorant,knowledge less,classless and totally backward. Get with the new ways of business and the new world…

  19. NOLAN HALL March 26, 2017 at 8:17 am

    Johnathan i can’t agree with you more. I am dumbfounded sometimes about some of the comments made by these particular people – who are afraid to use their real names. The comments from the likes of these people make no sense at all when you consider the the present government is divesting itself of a state asset – the BNOC. I don’t have a problem with any government selling state assets if its in the best interest of the country to do so. The BLP for as long as i can remember never shied away from the idea of privatizing some state assets, indeed, most commentators agreed that this was one of the reasons for that the opposition loss the last elections . One can remember the talk about if the opposition gets in , how 30,000 will be sent home, we know the history of that. In fact i have not read anywhere , where the opposition is against the sale of the BNOC, even if some of their supporters are.

    The ICBL was formed through policy aimed at localizing the industry which, for the most part, was foreign-owned during the early 1970’s. In my opinion the government achieved its objective because there has been a metamorphosis in the general industry in barbados every since. we now have a lot of local players in the industry including the credit union movement.

    Government through it policies can affect changes in the market place in order to stair things in a certain direction , however , when you achieve your goals , what do you do, you move on , therefore i see no reasons why the government of the day should have held on the ICBL .

  20. Donild Trimp March 26, 2017 at 11:28 am

    @Johnathan — “Green giant and Donald Trimp are so back ward —- Only the tail board of a donkey cart is more backward..Blind,senseless,ignorant,knowledge less,classless and totally backward”

    OK, so what is your point?

    Your rant in response to someone else’s opinion reveals an individual who is insecure, lacks intellect and lacks the ability to address issues in a civilized manner.

    The reason why the DLP will be returned to power is that the majority of voting Barbadians are not of your ilk.

    The majority of Barbadians are quite smart.

  21. Bradg March 26, 2017 at 6:16 pm

    DLP return to power you say?????? The country can’t afford to have this inept Adminstration for another term!!!

  22. The Negrocrat March 29, 2017 at 6:30 am

    Why have assets is you can’t liquidate them when things get tough. Who would buy CBC?

  23. Lurker April 26, 2017 at 1:35 am

    ICBL is in complete shambles, they will soon lose a large majority of their customers once they realise ICBL is a sinking ship. I suggest that anyone currently employed at ICBL find work very soon because their jobs are in great jeopardy


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