Receive the latest updates on the proceedings of British American Insurance Company (Barbados) Limited (BAICO).
Receive the latest updates on the proceedings of BAICO.
British American Insurance Company (Barbados) Limited (the“Company”) was placed under Judicial Management on September 30, 2010 by an Order of the Supreme Court of Barbados. KPMG Transactions & Restructuring Limited, acting through Mrs. Lisa A. Taylor and Mr. Michael A. Edghill, is the current Judicial Manager of the Company.
Policyholders are reminded that in light of the closure of the Company’s Magazine Lane, Bridgetown office on June 30, 2016, payment of premiums can now only be made in person at the Company’s head office at the corner of Brittons Cross Road and Collymore Rock, or to Mrs. Eileen Gill, the sole agent who remains authorized to collect payments on behalf of the Company.
Policyholders and the general public are asked to note that the Company’s Magazine Lane, Bridgetown location will permanently close to business on June 30, 2016. The Company’s Collymore Rock office will remain open and may be contacted at telephone number (246) 431-4400, or alternatively via fax at (246) 436-8820 following the closure of the Bridgetown office. The Company apologises for any inconvenience this office closure may cause and thanks you for your cooperation.
The Judicial Manager of BAICO (the “JM”) has previously reported its intention to recommend a final solution (“Solution”) for BAICO’s remaining life and annuity policyholders (“Policyholders”) which involves a transfer of those policies (“Policies”) to Sagicor Life Inc. (“Sagicor”). The Solution is intended to be fully funded with financial assistance from the Government of Barbados to make up the shortfall between BAICO’s assets and its liabilities to Policyholders in order to maintain the value of the Policies.