By Val Matthias. Updated 1:01 p.m., Saturday, January 3, 2025, Atlantic Standard Time (GMT-4).
Antigua and Barbuda Prime Minister Gaston Browne says he intends to raise the issue of outstanding compensation for former Colonial Life Insurance Company (Clico) and British American Insurance Company (Baico) policyholders when he meets Trinidad and Tobago’s Prime Minister Kamla Persad-Bissessar at the upcoming Caricom Heads of Government Meeting in St Kitts and Nevis in February.
As reported in Trinidad and Tobago Newsday Online, Browne described the matter as a continuing concern for hundreds of residents in Antigua and Barbuda and thousands more across the Eastern Caribbean who lost investments following the collapse of Clico and Baico more than a decade ago.
The Trinidad and Tobago government had pledged US$100 million toward a regional relief initiative, but Browne noted that only 40 percent of the promised funds has been disbursed. “With the commitment that was made, we still have a significant amount outstanding,” he said.
Browne added that he would seek bilateral discussions with Persad-Bissessar on how to settle the remaining payments. He acknowledged that her previous administration had shown “seriousness about the issue in the past” and expressed optimism that progress could be made.
St. Vincent and the Grenadines (SVG) was also significantly affected by the Clico and Baico collapse, saw losses to the Vincentian economy estimated at about EC$290 million, impacting individuals, corporations, banks, and credit unions. Some policyholders have received partial settlements, particularly those with smaller claims, but many remain without full recovery.
The collapse of Clico in 2009, after liquidity problems linked to the global financial crisis, triggered widespread losses across the region. While some governments have negotiated partial settlements and restructuring measures, many policyholders remain without full recovery of their funds.
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