Port-of-Spain: Insurance comp
any Sagicor is now offering to buy out cash strapped Clico. The proposal was sent to the governments of both Trinidad and Tobago and Barbados where Clico had the largest clientele shortly after the collapse of the insurance giant.
President and Chief Executive Officer of Sagicor Dodridge Miller told the media in a video conference today that Sagicor is still awaiting a response from both governents.
With a pre protocol letter in the hands of the government to reconsider its payout to policyholders by the end of this week or face legal action, Sagicor's p[lan for a bailout could come as welcoming news.
Miller declined to go into the details of the proposal put before the two goverments, saying only that Sagicor expressed its interest in rescuing the failing company.
He also refused to comment on the pending lawsuit against the T&T Government by Clico's EFPA shareholders..
He admits that Clico's problems have redound to Sagicor's benefit..
Miller also revealed that the International Finance C
orporation will invest $100 million into Sagicor. The IFC is a member of the World Bank group. Miller says this funding will significantly enhance Sagicor's fnancial position and provide the capital for regional growth and expansion.
The government has not responded to the bid as yet.
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