Judicial Manager revises Operational Structure at CIL

Three top managers at CLICO International Life Insurance (CIL) Ltd have been made redundant “in the interest of strengthening operational control and cost savings”.{{more}}

A release from Deloitte Consulting Ltd, judicial managers of the troubled insurance company, said on Friday, December 16, that “these initiatives were the result of an in-depth review of CIL’s operations, designed to increase efficiencies and to better position CIL for recovery and/or acquisition as a going concern”.

The services of the Vice President of Finance, the Vice President of Sales and the Senior Accounting Assistant have been terminated on the basis of redundancy, while the role of the existing President, Geoffrey Brewster, has been re-classified as that of “Head of Insurance Operations”.

Brewster will now be re-focused to more directly support the restructuring process and the retention of premium income.

The review of CIL’s operations was also made in the context of declining revenues over the last few years, partly due to the inability to write new insurance business in the territories in which CIL is represented, the release said.

The new organisational structure becomes effective from December 16, 2011.

The release also said that pending further changes, a senior manager at Deloitte will oversee the Human Resources, Finance and IT departments, on behalf of the Judicial Manager.

Additionally, on Friday, December 16, 2011, it was announced that effective February 29, 2012, the arrangements with regard to sales agents will be revised to eliminate unnecessary payments and to focus their efforts on retention of premium income for CIL.

In total, all measures taken would result in substantial cost savings for CIL.

Deloitte Consulting Ltd. is represented by Oliver Jordan and Patrick Toppin.