P r e s s   R e l e a s e s  &  S p e e c h e s  
 

home | board of directors | executive management | about  FINSAC | asset  management  | banking | insurance | regulatory framework | annual reports |
 press releases and speeches | useful linkscontacting us search site

 


Insurance Bids, So Far So Good

All eight life insurance companies competing to buy the portfolios of Mutual Life, Crown Eagle and Dyoll are still in the race and their senior executives and actuaries have been meeting with the CEOs of the three insurance companies to gather facts and figures to help them prepare their bids.

" The companies have provided FINSAC with all information requested and have met all the deadlines set in the tender process to date," Patrick Hylton, Managing Director of the Financial Sector Adjustment Company (FINSAC) said.

"We continue to be pleased with the level of interest they are showing in Mutual Life’s, Dyoll’s and Crown Eagle’s business. What this says to FINSAC, in fact what it says to us all, is that these portfolios represent good business opportunities to eight major Caribbean life insurance companies.

"As such policyholders should be increasingly comfortable and confident that their investment will not be lost and it is important that they continue to pay their premiums. If policyholders allow their policies to lapse, then part of what FINSAC is about – protecting the savings and defending the security of policyholders – will be lost without good reason.

"Right now FINSAC is in the midst of its due diligence activities, including analyzing data on the companies to assess their financial capability and managerial competence to handle the portfolios on the table," he said.

One month ago, Finance Minister, Dr. the Hon. Omar Davies, announced that FINSAC, the company set up to resolve the problems of the troubled financial sector, would be putting the portfolios of the three failed companies to tender in its bid to get the insurance industry back on its feet.

Under the plan, all like policies across the three companies have been combined and offered for sale. As such, traditional life, equity linked, group life, non-lump sum interest-sensitive and health portfolios, as well as, management of the pension schemes are up for tender.

Following invitations to a select group of local and Caribbean companies, who were chosen based on their standing as major life insurance companies, three local and five companies from the wider Caribbean signed Memoranda of Understanding indicating their interest.

Since then, both local and overseas contenders have been gathering information on the portfolios, in part to prepare their operating and business plans, the latter of which must be submitted with their bids.

 

Back

 
 

home | board of directors | executive management | about  FINSAC | asset  management  | banking | insurance | regulatory framework | annual reports |
 press releases and speeches | useful linkscontacting us search site

Technical Problems, Comments, Questions? E-mail Webmaster