Plans to restructure CLICO on stream

first_img Tweet Share Share LocalNews Plans to restructure CLICO on stream by: – February 11, 2012 Sharecenter_img Sharing is caring! 19 Views   no discussions Oliver Jordan. Photo credit: nationnews.comCourt appointed Judicial Manager for the Colonial Life Insurance Company (CLICO) Oliver Jordan says he is optimistic that the company will soon find an investor to purchase the troubled company.Dominica is the first country to be updated on several consultations currently underway across the region to help salvage the company.Jordan said efforts are being made to find an investor to purchase CLICO and so far there are two prospective organizations.He said the latest move follows unsuccessful attempts to have some regional governments invest in the company.“Policy holders and regulators had a string preference for a new company that had a stronger financial capability going forward,” he explained.According to Jordan, the two regional insurance companies who have expressed the interest in taking over the company would have to purchase it as a whole.“We don’t want a situation where we have to restructure individual branches; we want to do it as a whole,” he added.Jordan said however the company cannot say exactly when policy holders will get their money.“We can’t say what the outcome will be either. The more critical point is that we are moving towards completing this process. Hopefully by this summer, policy holders will have a final resolution. The longer it goes on, the more policy holders and employees will continue to lose confidence in the company,” he explained.He said if funding were forthcoming from governments, it would put the company in a better position.Dominica Vibes Newslast_img

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