Sagicor Life has acquired the traditional insurance portfolios of CLICO and British American Trinidad.
The two companies have been under the Central Bank’s purview since 2009, and in a release the Bank says Sagicor was chosen after a “transparent, competitive and rigorous bidding process”.
Before the deal can be closed however, Sagicor must prepare and submit Schemes of Transfer, a process that is expected to take several months.
According to the Express though, this announcement was almost immediately followed by the commencement of legal action from Maritime Life, the other shortlisted bidder.
The suit reportedly accuses the Central Bank of acting “irrationally, unfairly and unconstitutionally” by excluding Maritime’s bid for the CLICO/BAT assets.