Clico To Open New Financial Centre In St Kitts

by Amanda Banks, Tax-News.com, London

26 July 2006

Colonial Life (Clico), a Caribbean-based insurance company, is to locate its new financial centre on the island of St Kitts.

Speaking at the formal opening of a one-week meeting of the leadership of Clico’s Sales Team of Insurance and Financial Advisors in Barbados and the Eastern Caribbean, at the St. Kitts Marriott Resort, Clico’s Executive Chairman, Leroy Parris, said the insurance and finance group, “is investing heavily in the economy of St. Kitts”.

"(Clico) is determined to ensure that we play a stimulating role in our industry, but also in the economies in which we operate," Mr Parris stated.

"We believe that home drums beat first and if our regional economies are strong and vibrant we can withstand any threats and challenges from international competition," he added.

The new Clico Financial Centre will be housed in a renovated building recently purchased in the heart of Basseterre. It will house Clico International Life Insurance Ltd, and when the approval process is completed, Clico International General Insurance Ltd.

Mr. Parris also revealed that Clico, in partnership with Premier Properties, will be soon be commencing a US$12 million luxury Condominium Development at Frigate Bay.

“Construction is to start in September this year and these are just a few of the initiatives which will provide employment but also much needed housing and foreign exchange for the community,” noted Mr. Parris.

Founded in 1936, Clico has grown to become one of the largest insurance companies in the region. By 2001, a report by the Association of Trinidad & Tobago Insurance Companies (ATTIC) and Ernst & Young, showed Clico holding the largest asset base (TT$5,534,500), along with an 85% share in the local market.

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