Meeting for British American policyholders

Policyholders for failed insurer British American are disgruntled and want answers. 

The policyholders will meet amongst themselves to discuss concerns and the way forward.

A spokesperson said this was necessary “since we can’t seem to get answers from those who have them. 

“A one hour meeting will be held within the next few days. Please e-mail your name and contact information to [email protected] and details will be sent to you. If you know of a policyholder that does not have e-mail, please use yours so that you can send them the information. You should e-mail before 5pm on Tuesday, September 3.”

The Official Receiver said yesterday all assets are available to Bermuda resident creditors of BAICL, and he is in a position to make a final distribution to creditors under the Scheme of Arrangement. 

A spokesperson said: “The final payment will be a distribution of 2.5 per cent of Scheme Creditors’ claims, as previously estimated. The first distribution of 35 per cent of Scheme Creditors’ claims was paid in December 2011. After payment of this second and final distribution, Scheme Creditors will have received a total of 37.5% of their claims.

The final distribution cheques will be mailed to each Scheme Creditor’s last known address on September 12, 2013. The Official Receiver is conscious of the fact that in certain instances there is a cost associated with cashing a cheque in Bermuda. Scheme Creditors will therefore be given the opportunity to return their final distribution cheque and have their distribution paid by on-line transfer. Details of what action is required by Scheme Creditors to take up this option will be included in the envelope containing the final distribution cheques.

Policyholders or Creditors can obtain further information with regard to British American by e-mailing [email protected] or by calling the hotline on 294-2651.