Antigua and Barbuda to Engage Persad-Bissessar Administration Over CLICO, BAICO Relief

1. Hopefully this administration will make good on their promise and honor the 60 something million balance they owe policy holders

2. It’s been over a decade. If there was a commitment, it’s time it was honored. US$60 million isn’t just pocket change; it’s people’s lives.

3. Who is responsible?

   In a letter dated January 18, 2001 from Colonial Life Insurance Company (Trinidad) Limited, P.O. Box 1865, Redcliffe Street, St. John’s, Antigua, W.I.; signed by Leroy C. Parris, President and sent to policyholders:

   ‘Dear Client:

   We wish to inform you that Colonial Life Insurance Company (Trinidad) Limited will be reorganizing its operations in Antigua and Barbuda and the other Eastern Caribbean Territories in which we operate.

   The reorganization is necessary due to the growth of the Company regionally. A necessary consequence of the reorganization has been the incorporation in Antigua and Barbuda of CLICO International Life Insurance Limited.

   This new company is a wholly owned subsidiary of CLICO Holdings Barbados Limited and will be responsible for the servicing and administration of the insurance portfolio of Colonial Life Insurance Company (Trinidad) Limited, in Antigua and Barbuda and the Eastern Caribbean. CLICO International Life Insurance Limited, CLICO Holdings Barbados Limited and Colonial Life Insurance Company (Trinidad) Limited are all subsidiaries of the parent company C.L. Financial Limited in Trinidad.

   This new structure will allow us to further expand and better anticipate your changing needs in this dynamic market place. We have, however, devoted our efforts to ensure that all services previously available will continue.

   CLICO sees itself as a pre-eminent insurance institution in the region and our new structure will allow us to better serve your needs in the 21st century.

   Please contact our Customer Service Representative at 480-3250 to resolve any queries you may have.

   We thank you for the confidence you have place in us over the years and look forward to your continued support.’

4. Assurance from CLICO International Life Insurance Limited that your investments are safe.

   In a letter dated February 13, 2009, from Colonial Life Insurance Company Limited, “Clico Corporate Center”, Walrond Street, Bridgetown, Barbados, P.O. Box 713C; signed by Mr. Geoffrey Brewster, President, and sent to policyholders:

   Dear Policyholder,

   The Board of Directors, Management and Staff of CLICO International Life in Barbados and the Eastern Caribbean wish to thank you for your continued loyalty in the company. Your contribution has been pivotal in assisting the company to place its firm footprint in the economies of Barbados and the Eastern Caribbean and this is evident in the many developmental projects we have given back to our people.

   CLICO International Life in Barbados and the Eastern Caribbean has maintained a balanced portfolio which has increased our return on investment and reduced the risk of variability of the return on the whole portfolio. We hold firm to the statutory framework which has enabled us to withstand external shocks while achieving steady economic growth and business development over the last five years.

   As a Caribbean company, we remain an excellent choice for our policyholders across the region, who can be assured that their confidence is not misplaced. We remain a reputable, profitable and well managed operation. While we empathize with our colleagues in Trinidad & Tobago with the liquidity concerns in CLICO Investment Bank and CLICO Trinidad, we wish to assure you that your investments in of CLICO International Life Insurance Limited are safe.

   We are buoyed by the reassurances by the Governments of Barbados and the Eastern Caribbean as well as the Governor of the Central Bank and the Supervisor of Insurances in Barbados. We have an excellent team of Financial Advisors and Administrative staff who continue to be excellent ambassadors adhering to the principles of strong corporate governance while maintaining integrity in our reporting systems.

   Thanks to your continued loyalty and investment confidence, we wish to assure you that we will regain momentum …for “CLICO is People”.

5. CLICO policy holders in the OECS are EXPECTING the exact same settlement nothing less that were given to the TRINIDADIANS, BAJANS, GUYANESE and ST LUCIANS CLICO POLICY HOLDERS.

6. BONDS can be issued by the EASTERN CARIBBEAN CENTRAL BANK (ECCB) to cover the amount owed to the OECS CLICO policyholders, with INTEREST on the reducing balance back by shipments of PETROLEUM PRODUCTS from TRINIDAD AND TOBAGO to the affected OECS countries monitored by the ECCB until the debt is REPAID.
   The so called MOST DEVELOPED COUNTRIES (MDC)need the LESS DEVELOPED COUNTRIES (LDC) money to fuel their economies and they treat you like if you are DISPENSABLE.

7. @informed citizen to be precise it is 16 years and 6 months to date and counting of suffering inflicted on the CLICO policy holders.

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