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British American Insurance Company building sold

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British American Insurance Company creditors and policyholders could finally soon get their last payout.

The company’s four-storey, 11,080-square-feet Front Street building has been sold.

KPMG Advisory Ltd, agents to the Official Receiver, stated yesterday: “The sale of the building was recently concluded. A communication to creditors will be issued in the near future.”

The asking price for the building, listed with agents Coldwell Banker Bermuda Realty, was slashed last October to $1.95 million, having already been reduced to $2.7 million, down from $3.6 million. It’s understood an offer less than the $1.95 million asking price was put in but a higher offer was made.

KPMG Advisory did not disclose the sale price.

“The identity of the buyer is not something the Official Receiver as provisional liquidator is at liberty to disclose,” the company added. “Further details will be outlined in the communication to creditors.”

With the building sold, KPMG Advisors confirmed it is now being offered for rent by the buyer.

The building was home to British American, before it was wound up after its 2009 collapse.

BAICO owned 40 percent of the building with the other 60 percent belonging to the BAICO Bermuda pension scheme.

There are approximately 3,800 BAICO policyholders and 6,000 policies. They received partial payouts back in December 2011.

Sold: The British American Insurance Company building on the corner of Front Street and King Street has been sold.
Sold: The British American Insurance Company building on the corner of Front Street and King Street has been sold.

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Published April 10, 2013 at 9:00 am (Updated April 09, 2013 at 7:00 pm)

British American Insurance Company building sold

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