ColinaImperial to takeover Clico's life insurance division

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clico-logo-and-buildingNassau Bahamas: We’ve learned that workers at the failed Clico (Bahamas) Insurance branch went home for good Thursday. Workers were told that they were relieved from their duties and were asked to returned for their packages when contacted by the company.

Bahamas Press has also learned that insurance giant ColinaImperial is currently negotiating to reach a deal with liquidators to assume a portion of Clico’s life insurance division. An executive at the company told Bahamas Press that nothing is final however, “A deal will be reached to save that portion of the company.”

“Workers were told today to come back to receive their cheques, but were not given any payment today,” the executive confirmed.

The Supreme Court assumed control of Clico on Tuesday afternoon, appointing liquidators to the company. The registrar noted that the move was done to protect the insured members of the company. No statement has yet to come forth from CLICO, leaving thousands of policyholders in a panic.

Bahamas Press warned on December 16th that a major insurance company will collapse after we received information, which confirmed that thousands of policyholders at Clico could not receive payment for claims. However despite our announcement even up to last week Sunday, naming Clico to being that company, NOT A SINGLE MEMBER OF THE WUTLESS MEDIA sought to report on the problems at that company.

The WUTLESS MEDIA HAD THE SAME INFORMATION WE DID, BUT DID NOTHING TO PROTECT NOR WARN THE PUBLIC! WHY? BECAUSE THEY’RE WUTLESS!

8 COMMENTS

  1. The PM addressed the Clico situation in a most succinct way in the House of Assembly yesterday and his address was repeated a second time at 1:30 p.m.

  2. The government really need to address the nation about this Clico situation. Many persons with Clico medical cards may not be able to obtain medical services and some of them may be left without healthcare coverage and may not be able to purchase a new medical plan, because of declining health and high premium rates.

  3. Even though I think Manny them is a bunch of hogs. It’s good to know Colinaimperial is not broke, if they can afford to buy out Clico life portion. This latest move by the company makes me feel that my investments are safe with them. Everybody was thinking the company was broke because staff has not received their bonuses or raise. It seems as if Manny them have money to do whatever they want. He just opened a toy store you know and now they are buying out Clico life portion. Their main focus seems to be to make as much money as they can for themselves. In these hard economic times I guess he say the staff are very lucky to still have a job and he has promise them to put away the bloody axe for now. I guess he is not a complete lost cause.

  4. Yeah I know they were waiting like rabied, salivating dogs that they are but I am puzzled as to why they ran a FULL PAGE disclaimer in the newspaper last week.

  5. Consolidation of the Markets in Full Force. By the end of the year only a handful of major companies will own everything 🙂

  6. BREAKING NEWS NOW COMING TO BAHAMAS PRESS confirms that another MAJOR financial company is on the verge of collapse here in the Bahammas. Stay Tuned to Bahamas Press for more on this…..

    BP

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