Policyholders to get news on final payout next week
British American Insurance Company policyholders should know next week how much their final payout will be and when they will get their money.
This from the Official Receiver yesterday amid growing frustration among policyholders who have been waiting a year and a half now for the rest of their money.
They were supposed to get it once the former British American building on Front Street was sold. The sale went though this spring, the asking price having been reduced from $3.6 million to $1.95 million.
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.
“The Official Receiver, as provisional liquidator of British American Insurance Company Limited, anticipates issuing a press release next week to update policyholders on the current status of the provisional liquidation including the likely timing and amount of the final distribution to Scheme Creditors,” Mike Morrison of KPMG Advisory, agents to the Official Receiver, said in a statement to
The Royal Gazette yesterday.
There are approximately 3,800 BAICO policyholders and 6,000 policies. They received partial payouts back in December 2011.
Angry policyholders have contacted us wanting to know why it is taking so long to get their final payouts since the building has finally sold.
“We want to know, where is our money?,” one demanded.
After reading an article on the Public Prosecutions Director’s efforts to pursue some $1.5 million in uncollected confiscated assets, another policyholder in BAICO wrote: “I wish that someone in Gov't would do something to help those who fell victim to a legal scam ... the British American fiasco.
“As a policyholder, I have STILL to be properly compensated as promised by KPMG. This is after shelling out my hard earned cash month after month to those people. There needs to be an investigation ...
“KPMG told us for YEARS that once the British American building was sold, that we would get our final payout.”
The writer said BAICO took thousands of dollars “that I sacrificed to come up with and could have used to my own benefit”.