Former BAICO policies transferred to Sagicor Life

Up to 15,000 former British American Insurance Company (BAICO) policy holders can now breathe more easily, with the finalization of the transfer of their accounts to Sagicor Life Inc.{{more}}

At a press conference on Tuesday, Executive Vice President of Sales Anthony Bowen made the announcement of the deal that became official last Friday.

Bowen said that the Barbados based company, will over the next few months, be making every effort to contact each policy holder whose policies were valid as of March 15, 2013.

“This is to ensure that all policy holders are aware of their current policy status and details,” Bowen pointed out.

“Sagicor will also launch an aggressive communications and outreach programme to facilitate this. We will continue to honour all existing terms and conditions of the BAICO policies as would have existed prior,” he added.

The company has made arrangements with BAICO for branches of the embattled company in the East Caribbean Currency Union to provide ongoing customer support to policy holders, accepting premiums and claims, and to conduct other customer services on behalf of Sagicor.

Additionally, Sagicor is expected to contact 1,500 persons in the Currency Union, to facilitate the payment of claims, surrender and maturity payments, as well as bonuses that were owed by BAICO.

These funds were provided by governments of the Currency Union.

“Sagicor Life Inc is certainly pleased to be part of the solution to provide continued insurance coverage for the over 15,000 BAICO policy holders within the Eastern Caribbean,” Bowen proclaimed.

“On behalf of Sagicor, I want to extend gratitude to Prime Minister Ralph Gonsalves and all the governments of the Eastern Caribbean Currency Union, and the ministerial sub committee for having the vision to conceptualize the policy holder assistance programme for holders of the traditional life insurance policies with BAICO.

“As we have been doing for over 170 years, we at Sagicor Life commit to ensuring that former BAICO policy holders continue to have insurance coverage, which remains secure and stable,” Bowen said.

Prime Minister Gonsalves, who was present at the press conference, and speaking on behalf of the ECCU heads, said the recapitalization of the policies is an incredible and extraordinary achievement.

Gonsalves said that the government heads and Sagicor had been working at bringing the some relief to the policy holders for some time, and that funding came principally from the US$50 million which had been secured from the Patrick Manning administration of Trinidad and Tobago.

He said that the deal has stablized the sub region’s financial system and has assisted families and policy holders to move forward.

The prime minister acknowledged the persons and organizations who worked together to make the occasion a reality.

“I want to thank very much as well, the general public for their patience and forbearance, in believing in their governments that we could bring this to a successful conclusion,” Gonsalves noted.

“This is a tribute to our civilization. This is an entirely home grown solution, done by Caribbean people, for Caribbean people, for their individual protection and for the systemic protection and maintenance of the strength of the insurance and financial system.”(JJ)