CLICO International General Insurance is now Sun General Insurance

by CHERYL HAREWOOD Tue, Feb 14. 2012

CLICO INTERNATIONAL General Insurance has been purchased by Sandridge Limited.{{more}}

Following 18 months of legal discussions, the deal was signed last Friday by hotelier Bernie Weatherhead, on behalf of Sandridge Limited, and Terrence Thornhill, acting on behalf of CLICO Holdings. The signing took place at the law offices of Clarke Gittens Farmer.

In an exclusive interview with the DAILY NATION on Sunday, Weatherhead did not put a figure on the purchase price.

CLICO General Insurance branches in Barbados, Antigua and Barbuda, Anguilla, Dominica, Grenada, St Lucia, St Vincent and the Grenadines and St Kitts and Nevis will now operate under the name Sun General Insurance.

“Sun General Insurance will come into effect across the Caribbean during the course of this week. I want to assure present clients of CLICO General Insurance and those with any outstanding claims that they are protected 100 per cent by Sun General,” explained Weatherhead, whose company, Sandridge Limited, was also an agent of CLICO.

This sale means that the CLICO operations in Barbados have now successfully found buyers for two of the businesses; the CLICO Mortgage and Finance Corporation (CMFC) was purchased by the Barbados Public Workers Cooperative Credit Union Limited.

However, yet to attract a buyer is CLICO International Life Insurance Limited, which is under judicial management – by Deloitte Consulting – and has attracted the most critical attention from policyholders and investors.

Weatherhead said the purchase of CLICO General Insurance “blends into Sandridge Limited’s existing group of companies, including hotels, travel agencies, car rental and tour companies, among others.

Said Weatherhead: “We are already spread throughout the Caribbean, especially with our travel company Going Places. Sun General will partner with this travel agency to share common offices. This will result in cost savings for both companies.

“We believe in branding business and our business history in Barbados and the Caribbean will offer a tremendous security to our insurance clients. This is what insurance is all about. Clients are looking for companies with great financial backing.”

He added: “From an insurance point of view, the company is reinsured through Willis Insurance Brokers, a global reinsurance company, Munich Re (Reinsurance) and Swiss Re, among others.”

Weatherhead further disclosed that Sun General would have new offices in Lower Estate, St Michael, Bridgetown, Holetown and the South Coast.

“We will continue to be a very conservative insurance company as we will be heavily reinsured,” he emphasized.

The more than 50 staff members of CLICO General Insurance will retain their jobs, while existing president Davis Browne will continue to head the now “all-Barbados-owned” insurance firm.(Daily Nation)