This is the start of something special!
Regional insurance company, Sagicor Life Inc rolled out the red carpet for BAICO customers when it held its first road show at Independence Square in the heart of Basseterre, St. Kitts.
This is all part of Sagicor’s plan to ensure that BAICO policyholders have as much information relative to the transfer process as possible.
Sagicor’s advisors were also on hand to give out relevant advice to those with queries about life insurance in general.
On March 15th, 2013 Sagicor Life Inc entered into an agreement with the Judicial Managers of BAICO together with the Governments of the Eastern Caribbean Currency Union (ECCU) to purchase the BAICO EC portfolio of Individual Life and Group Pension products.
The ECCU Governments have undertaken to provide funding of up to US$38 million to assist in restoring value to the transferring policies.
Over 15 000 policyholders throughout the Eastern Caribbean will now have their policies recapitalised and are once again able to enjoy their original policy terms and access their insurance benefits.
Agency Manager of Sagicor St. Kitts, Mr. Denrick Connor asserted that the move by Sagicor was indeed a good one and is beneficial for all those former BAICO customers who held traditional life insurance policies.
Tracey Knight-Lloyd, Assistant Vice-President Marketing with Sagicor Life revealed,” This is one of the many phases we have within our communication strategy-as we at Sagicor will be making every effort to ensure that all affected BAICO policyholders are aware of their policy status and can continue to enjoy the protection which life insurance brings.”
Sagicor will also be sending out detailed correspondence shortly to all BAICO policyholders to update them on the process as well.