BAICO Judicial Managers and ECCU Governments Sign Agreement
The Judicial Managers of British-American Insurance (BAICO) together with the Governments of the Eastern Caribbean announce the agreement to recapitalise and sell part of the BAICO business to Sagicor Life Inc.
The Judicial Managers of British American Insurance Company (BAICO) together with the Governments of the Eastern Caribbean Currency Union (ECCU) are pleased to announce that an agreement has been signed to sell the traditional life insurance business of BAICO to Sagicor Life, Inc. (Sagicor), a wholly-owned subsidiary of Sagicor Financial Corporation.
The ECCU Governments have undertaken to provide funding of up to US$38 million to assist in restoring value to the transferring policies.
The sale was agreed after a formal sale process, which resulted in strong interest from 7 parties with 4 final bids being considered.
Policies included in the sale
The business being sold is made up of Group Pensions and the following traditional life policies issued by BAICO in Anguilla, Antigua, Dominica, Grenada, Montserrat, Saint Lucia,
St Kitts & Nevis, and St Vincent and the Grenadines: