Line Forms Outside British American
A long line formed outside the British American offices on Front Street this morning [Dec.19] as policyholders sought to receive payment of 35 percent of their claims.
The cheques were made available for collection from the offices of the failed life insurer starting today [Dec.19] at 9am, and will be available from 9am to 4pm from each business day thereafter.
British American in Bermuda was the local branch of the British American Insurance Company Limited, a Bahamian company which had operations in many jurisdictions across the Caribbean. An Official Receiver was appointed as provisional liquidator of British American on August 3, 2009 by the Supreme Court of Bermuda upon the application of the Bermuda Monetary Authority.
A statement released on December 12 by the Official Receiver said, “As negotiations with the party interested in purchasing the building have not to date been concluded as announced in the press release in November 30, 2011, the Official Receiver has determined that an interim dividend should be paid to creditors. The interim dividend will be a distribution of 35% of creditors claims.
“A second and final distribution of the remaining balance payable to creditors will be paid once the sale of the building is completed and the proceeds of the sale have been received.”
Ithink it is a shame that BA does what they want with our money.First they ask us to except Half of our money, Now they are given us 35% of our noney,and then the rest later ,
CALL THE OBA. HAAAAAAA
My wife had her fricken life insurance wit this lot. Now if she croaks, I get sh*t. British facking American. Bunch of wankahs!
VOTE THE OBA IN POWER YOU WILL GET YOUR MONEY BACK. HAAAAAAAA
For once this is something that has nothing to do with Bermuda politics.
Can’t blame PLP or racism for once – can’t even blame Ewart. Brit Amer are to blame dis time.