Barbados conglomerate buys CLICO subsidiary

Sandridge Limited has signed a purchase agreement with CLICO Holdings (Barbados) to acquire CLICO International General Insurance Limited, the Sunday Sun newspaper has reported.

The Barbados conglomerate said that representatives of the company, which is part of the Weatherhead group that operate businesses in 10 Caribbean countries, were formally introduced to staff members of the insurance company on Friday.

The paper said that subject to regulatory approval, the name of the company would be changed to Sun General Insurance Inc.

No details of the purchase price were disclosed.

Weatherhead group chairman, Bernie Weatherhead, said he was pleased to have concluded the agreement "as we have absolute confidence in the present management and staff of the general insurance company".

He said "individual and commercial clients who have maintained their insurance are fully covered, as the company is quite capable of settling claims in any eventuality".

CLICO Holdings president Terrence Thornhill said he was delighted at the signing of the share-purchase agreement and this was part of CLICO Holdings' strategy to rebuild policyholder confidence and employee comfort following the financial problems that plagued the Trinidad-based conglomerate, CL Financial Group, of which CLICO is a part.

"The focus moving forward will be to retain our current customers, regain lost business and aggressively go after new clients across the region," Weatherhead said.

CLICO General Insurance operates in Antigua and Barbuda, Anguilla, Barbados, Dominica, Grenada, St Kitts and Nevis, St Lucia, St Maarten, and St Vincent and the Grenadines.

- CMC