Notice

On 8th September 2009 The Supreme Court of The Commonwealth of The Bahamas ordered that British-American Insurance Company Limited (“the Company” or “BAICO”) be placed under Judicial Management pursuant to Section 77 (1) (b) of The Insurance Act, 2005 of The Commonwealth of The Bahamas (the “Insurance Act”) and that Juan M. Lopez of KPMG Restructuring Limited, 5th Floor, Montague Sterling Centre, P.O. Box N-123, Nassau, The Bahamas be appointed the Judicial Manager of the Company, with immediate effect.

The Role of the Judicial Manager appointed for BAICO is set out in the Insurance Act, and his primary role is to report to the Court on the operational and financial position of BAICO, including its branches and subsidiaries, and to make recommendations to the Court as to the following course of action which is most advantageous to the general interests of the policy-holders of the Company:

(a) The transfer of all or any part of the Insurance business of the Company to some other company in pursuance of a scheme to be prepared by the JM in accordance with the Insurance Act,

(b) The carrying out of its business by the Company either unconditionally or subject to such conditions as the Judicial Manager may suggest,

(c) The winding up of the Company, or

(d) Such other course as the Judicial Manager considers advisable.

The Courts in each of the countries shown below where BAICO operates branches have also issued the following separate Orders:

Judicial Management

Judicial Administrator

Provisional Liquidation

Judicial Manager Order Recognized
Antigua and Barbuda Anguilla Bermuda Turks and Caicos Islands
Montserrat   Dominica
St Kitts / Nevis    
St. Vincent & the Grenadines    
Grenada    
St. Lucia    

In addition, on 8th October, 2009, the Technical Insurance Committee of the Republic of Panama authorized the intervention of BAICO’s Panama branch on a preventive basis, and Mr. Ciro Marcos Cano Quinones, was appointed to take control of the Panama branch’s operations in accordance with the laws of the Republic of Panama.

At this time, we recommend you contact the local BAICO office or Court appointed office holder, for further information.
 
The British American story is one of Commitment, Community, and Integrity. The company was founded in the 1920 in the Bahamas, and aggressively expanded through out the Caribbean in mid 1950's. For over 50 years, British American has embodied the spirit of the Caribbean people, while embracing the hard work, innovation, and creativity that have shaped the 21st Century Caribbean. British American is now located in 19 territories across the Caribbean and Central America.