THE Central Bank has announced that the traditional insurance portfolios of CLICO and British American Trinidad (BAT) have been sold to Sagicor Life, a subsidiary of Sagicor Financial Corporation.
It said that Sagicor was the preferred bidder after a “transparent, competitive and rigourous bidding process.”
But the process has been challenged by Maritime Life which was the other shortlisted bidder for the CLICO and BAT traditional portfolios.
Maritime, through its attorney Edward Fitzgerald QC has sent a pre-action protocol letter to Central Bank Governor Alvin Hilaire on Friday.
It is accusing the Central Bank of acting “irrationally, unfairly and unconstitutionally” by excluding Maritime’s bid for the CLICO and BAT assets.
In its 20-page letter, Maritime is threatening judicial review against the Central Bank’s decision to approve Sagicor Life as the preferred bidder for the CLICO and BAT traditional portfolios.