CLICOColonial Life Insurance Company
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Howai on the issue of CLICO said Government made no provision for Atrius in 2015 because it was no longer pursuing the option of that company taking over the assets of CLICO.
The Central Bank of Trinidad and Tobago has announced a plan to sell insurance provider, CLICO.
Trinidad & Tobago (like Curaao, which is not profiled in this report) clearly has been sufficiently stable for large indigenous institutions (such as CLICO and its parent, CL Financial) to flourish: however, economic development has been driven overwhelmingly by the energy (and related) sectors.
Best notes that audited financial statements have not been filed for December 31, 2008 for CLICO and CL Financial.
The downgrades follow the February 25, 2009 announcement by the Office of the Registrar of Insurance Companies in the Bahamas of a winding-up order for CLICO Bahamas.
The company fell into the hands of the Trinidad & Tobago government in 2009 when the state mounted a rescue of CL Financial and its insurance group CLICO.
In addition, the FSR of B (Fair) and ICR of "bb" of CLICO (Bahamas) Limited (CLICO Bahamas) (Nassau, Bahamas) also have been placed under review with negative implications.
This money, he said, will help meet the liabilities of CLICO here, especially with regards to payments of small policy holders.
has downgraded the financial strength rating (FSR) to B (Fair) from B+ (Good) and issuer credit rating (ICR) to "bb" from "bbb-" of CLICO (Bahamas) Limited (CLICO Bahamas) (Nassau, Bahamas).
Central Bank Governor Ewart Williams confirmed that the government is expected to inject the cash to continue to protect policyholders of CL Financial subsidiary, CLICO, and depositors of failed wealth management firm CLICO Investment Bank (CIB).
CLICO is an insurance member company of CL Financial Limited, a diversified holding company based in Trinidad and Tobago.
Guyana will receive US$15 million from the Petroleum Fund to help close the gap in respect of the CLICO debacle, reports The Guyana Chronicle (April 29, 2009).