Press Releases
BAF Insurance Cayman acquires CLICO Life Insurance Portfolio
16 December 2009
GRAND CAYMAN, December 16, 2009 - BAF Insurance Company (Cayman) Limited (“BAF”) has completed an agreement with the controllers of CLICO Cayman, Deloitte to acquire the life insurance portfolio held by the company. The purchase will protect the interests of hundreds of policyholders from the threat of losing their current coverage and services.
BAF Cayman, a member of BAF Global Group recently acquired BAICO Cayman and immediately began its restructuring exercises, introducing new systems and drawing on the extensive resources of the Group. Former CLICO policyholders whose life insurance policies were acquired during this most recent transaction will automatically benefit from being a part of this network.
“We are pleased to announce that all the rights and privileges of the policyholders will be protected under the terms of the agreement. We felt this was a natural step not only in growing our local business, but also proving our commitment as a responsible corporate citizen of the Cayman Islands community” said Jason Borrino, Managing Director of BAF Insurance Company (Cayman).
“Policyholders will benefit from new, state-of-the-art infrastructure and client services that are currently being introduced into BAF Cayman. As a member of BAF Global, we are backed by 90 years of solid experience in insurance and financial services and supported by extensive resources. Our clients will experience the benefits of being a part of such a solid company.”
The acquisition of CLICO Cayman’s life insurance portfolio has been formally approved by the Cayman Islands Monetary Authority (CIMA). During the next few days, steps will be taken to enact an orderly transfer of the policies to BAF Cayman. Formal written notification of the transfer will be sent to policyholders in due course.
BAF Insurance Company (Cayman) Limited has expressed its commitment to a smooth and seamless transition in keeping with their philosophy of providing excellent customer service and “financial solutions for life”.
Any enquiries regarding this announcement may be directed to:
Jason Borrino
BAF Insurance Company (Cayman) Limited
Tel: 345-949-5089
Email: info@bafcayman.ky
CLICO CAYMAN PRESS RELEASE - icc comment_1.pdf ~13 KB 
