Bridetown.
The Barbados based insurance giant Sagicor has agreed to buy the health insurance and property portfolios of the Barbados operations of British Aemerican Insurance Company.(BAICO).
This was revealed by David Holukoff, of the accounting firm KPMG who said the deal was sanctioned by the Supreme Court last Tuesday. Under the agreement, Sagicor Life will take control of BAICO health line, while Sagicor General will take over the property coverage.
As a result of the agreement, over 3000 policy holders will find sucure cover under the wing of the Caribbean's biggest insurance and financial services company.
Holukoff said the life insurance and pensions business of BAICO was more complicated and was still under consideration.
