Permell: Were Clico portfolios sold for $300m less?

CLICO Policyholders Group (CPG) chairman Peter Permell has said Finance Minister Colm Imbert must provide an explanation to citizens for the acquisition of Clico's traditional insurance portfolios by Sagicor Life Inc.

In a media release on Monday, it was announced that Sagicor Life had acquired the traditional insurance portfolios of both insurance company Clico, which collapsed in January 2009, and British American Insurance Trinidad Ltd. In March, at a media conference, Imbert said there had been a "glitch" in the sale of Clico's traditional portfolios, as Sagicor, the preferred bidder, had bid $300 million less than Maritime Financial Group.

Permell, speaking to Newsday by phone, said Imbert had raised the issue and now the acquisition had been announced it needed to be clarified.

"We need some sort of explanation from the minister or the Ministry of Finance. For the transaction to go through, the Ministry of Finance would have to sign off, because it is one of the regulators of the transaction."

Permell asked if Sagicor had paid $300 million more for the portfolios or the Central Bank agreed to accept $300 million less.

"If the minister is satisfied he needs to explain how the issue was resolved."

He said the portfolios do not affect the group he represents (CPG represents Executive Flexible Premium Annuity policyholders), as these are traditional policyholders.

"It is just moving from one service provider to another, Clico to Sagicor. The terms and conditions of policyholders should not be affected in any way, but should be honoured by Sagicor. Those policyholders don't have anything to worry about or be concerned about."

Sagicor Group president and CEO Dodridge Miller, in the media release, said, “We are pleased to welcome the policyholders to the Sagicor family and assure them of the same level of protection and service that our existing policyholders enjoy upon the completion.”

Three calls to Imbert's cellphone went to voicemail.