Home' Trinidad and Tobago Guardian : June 26th 2014 Contents JUNE 2014 • WEEK FOUR www.guardian.co.tt BUSINESS GUARDIAN
COVER STORY | BG5
While not disclosing details, she said SGI plans to
reveal a new product by mid-August and another by
the end of the year.
Brokers contribute 67 per cent of SGI s overall business.
Offering home, motor vehicle, commercial business,
liability, marine and travel insurance, Loutan-Ali said
the company did not focus on one class of insurance
because it needed to satisfy the demands of its customer
And the company does have its eyes fixed on con-
tinuing to generate business in the local market and
sees its products as being appropriate for all adults.
The young person starting to work has not proven to
be a "large" market for SGI but "there is demand." She
added that SGI has not crafted a product specific to
that niche market.
Asked what percentage of SGI s business comprise
young working person, she said: "I would say less than
one per cent of our market share, in terms of our pre-
mium income. Even in our claims side, people say young
people are the one who cause the accidents but we have
not really seen that in our statistics."
For Loutan-Ali, success is as a result of leadership in
the company. Her team comprises: Dexter McKnight,
assistant vice-president, underwriting; Felix Gomez,
claims and Deborah Romeo, finance.
Interest in Clico?
Asked whether SGI was looking to purchase any of
Clico s assets:
"If it s Clico in terms of life (insurance), then, Sagicor
Financial(the parent company) will look at that, because
we don t sell the life (insurance). The general aspect of
the Clico group is the Colfire.
"Sagicor General is always looking at those oppor-
tunities, not only in T&T but up the islands. If we think
it is feasible and we have the opportunity, yes, we would
bid for it."
If the acquisition happens, the Clico brand would be
merged under Sagicor and not under the Clico brand.
Sagicor looking at
acquiring Clico assets
T&T operations, Sagicor General.
From Page 4
Alison Lewis joins
Retired Permanent Secretary, Alison Lewis, has been
appointed to the Board of Republic Bank Ltd effective
July 1, 2014, according to a notice from the bank
posted on the Stock Exchange Web site on Monday.
Lewis replaces Stephen Pollard who is due to retire
from the board with effect from July 14.
Lewis, who served as permanent secretary in the Ministry of
Finance for many years, proceeded on pre-retirement leave from
the public service last year. Since then, Lewis has continued to
work with the Ministry of Finance in crafting a resolution of the
issues surrounding the collapse of the CL Financial empire.
Those issues include the settling of a new shareholders agreement
between the Government and CL Financial that would pave the
way for the group to reimburse the money---estimated to be in the
region of $20 billion---that the State advanced to save CL Financial
after its collapse in January 2009.
Speaking at the May 19 annual meeting of Angostura Holdings
Ltd, that company s chairman, Gerald Yetming said the new share-
holders agreement was with the lawyers for the State and the group.
Yetming is also the chairman of Clico and CL Financial.
The most recent extension of the June 2009 shareholders agree-
ment is due to come to an end on Monday, June 30. Sources said
it is likely the parties to the new shareholders agreement would
seek a short extension of the existing shareholders agreement,
pending the outcome of the arbitration tribunal matter involving
the determination of a sale price for Clico s 56 per cent stake in
Methanol Holdings (Trinidad) Ltd. The tribunal is expected to report
by the end of July.
The amount of money generated by the sale of the majority stake
in Methanol Holdings is expected to be a significant factor in deter-
mining how much of what remains of CL Financial is sold to reim-
burse the Government and how much is retained by the shareholders
of the group.
In a July 2013 letter of intent---which was supposed to form the
basis of the new shareholders agreement---CL Financial stated that
the main sources of the reimbursement for the Government would
be the sale of Clico s shares in the methanol company and the CL
Financial stake in Republic Bank.
In its 2013 annual report, Republic Bank lists Clico Trust Cor-
poration, which holds the bank s shares that have been vested in
the Clico Investment Fund, as Republic s largest shareholder with
a little over 40 million shares. The bank s third largest shareholder
is Clico Investment Bank (in liquidation) with 16.2 million shares.
Clico itself still retains 11.8 million shares. All told, those three
entities own 42.24 per cent of Republic Bank.
Lewis joins a 14-member Republic Bank board that is chaired
by former Republic chief executive Ronald Harford and includes
executive directors David Dulal-Whiteway, Nigel Baptiste and Derwin
The bank s non-executive directors are: Russell Martineau, William
Lucie-Smith, Christian Mouttet, WH Pierpont Scott, Chandrabhan
Sharma, Kristine Thompson, Shazan Ali, Dawn Callender and Ter-
rence W Farrell.
PHOTO: COURTESY SAGICOR GENERAL INSURANCE INC
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