Antigua and Barbuda Prime Minister Gaston Browne said he remains optimistic that Trinidad and Tobago will honour its commitment to pay the remaining US$60 million owed to policyholders following the 2008 collapse of two Trinidad-based insurance companies.
The failure of the Colonial Life Insurance Company (CLICO) and British American Insurance Company (BAICO) caused widespread financial losses across the Caribbean, particularly affecting the Organisation of Eastern Caribbean States (OECS), where millions of dollars from depositors had been invested in the Trinidad and Tobago economy.
Browne noted that a previous administration in Port of Spain, led by Prime Minister Kamla Persad-Bissessar, had agreed to provide US$100 million in compensation to OECS countries, of which US$40 million was already paid. The remaining US$60 million was left outstanding.
Speaking after meeting Persad-Bissessar during the ongoing CARICOM summit, Browne said the discussions were “very cordial” and focused on a repayment plan that would not create significant cash flow issues for Trinidad and Tobago.
“I sense that she is willing to honour that commitment that she made several years ago. In fact, she honoured it partially by paying the first 40 million US dollars. So I remain hopeful that a final determination will be made in the upcoming weeks,” Browne told reporters.
He added that while the fiscal and economic challenges facing Port of Spain were taken into consideration, Persad-Bissessar did not resist fulfilling the remaining obligation.
