Bahamian insurer acquires CLICO [Cayman Net News, Grand Cayman, Cayman Islands]

Dec. 18--BAF Insurance Company (Cayman) Limited reached an agreement with the controllers of CLICO Cayman to acquire the life insurance portfolio held by the company.

The announcement was made Wednesday, 16 December.

"The deal was formally approved by the Cayman Islands Monetary Authority and the Grand Court of the Cayman Islands," said Jason Borrino, BAF Managing Director.

He assured policyholders that their coverage would not be interrupted. "The policy holders will be contacted over the next few days to ensure the orderly transfer of all policies to BAF Cayman," said Mr Borrino.

Policy conditions and premiums remain unchanged and "formal written notification" of the transfer will be sent to policyholders "in due course." BAF did not disclose the cost of the transaction.

"It is a mirror of the deal that we did with British American Insurance Company," he added. "We simply have taken over the policies and those policies are good for years to come."

BAF Cayman is a member of BAF Global Group headquartered in The Bahamas. The company recently acquired BAICO Cayman, immediately after BAF was licensed on 4 November 2009.

All the rights and privileges of former CLICO policyholders whose life insurance policies were acquired during the transaction will be protected under the terms of the agreement, said Mr Borrino.

"We felt this was a natural step," he added, "not only in growing our local business, but also proving our commitment as a responsible corporate citizen of the Cayman Islands community."

He expressed his opinion, also, that all policyholders would benefit from the new, state-of-the-art infrastructure and client services that BAF offers its Cayman clients as a member of BAF Global, a 90-year-old company with specialized experience in insurance and financial services and with extensive service support.

"Our clients will experience the benefits of being a part of such a solid company," he said, "and we are committed to a smooth and seamless transition in keeping with the BAF philosophy of providing excellent customer service and financial solutions for life."

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