Clico stops coup by rival
Agents were offered attractive package by rival company. Clico holds meeting today about the matter.
Clico, last week, moved quickly to prevent a takeover of staff at three of its branches by a rival insurance company, the Tntinsider was reliably informed.
The company closed the branches at St James, St Clair and Valpark and will be holding a meeting today at its St Vincent Street head office about the matter. According to reports, some agents were offered a very attractive package by the company which itself laid off staff earlier this year.
However, agents report that six months after the Government bailout some measure of stability has been achieved in that it has been able to persuade policyholders and people with annuities to continue doing business with the company. Payments for annuities and to people who have surrendered their life insurance policies for the cash values will begin in a couple of weeks.
The Government, so far, has injected $1 billion into Clico to meet its commitments.
The company, which pulled all its advertising in February, has resumed advertising on radio boasting about Clico “growth”.