06th March 2010
BA Report refuted

The Judicial Managers of British American Insurance Company Limited have refuted a report appearing in the Voice of St. Lucia on March 2, 2010 that the Company has filed for Bankruptcy in the United States.
John Lopez, the Judicial Manager of the Company in the Bahamas, and Brian Glasgow, one of the Eastern Caribbean Judicial Managers, filed petitions in the United States seeking recognition by the US Courts, of the judicial management proceedings currently taking place in the Bahamas and the Eastern Caribbean. These petitions were heard in the US in early February, and judgment is expected at any moment.
These petitions have been submitted to the United States Federal Bankruptcy Court, and are necessary to protect the assets of BAICO in the US and stay litigation commenced against BAICO in the US.
British American has investment funds in the US that are managed by US based fund managers, as well as real estate that it owns through various subsidiaries. The petitions are a part of the ongoing efforts of the Judicial Managers and the Eastern Caribbean Governments to protect the interests of policyholders and other creditors of British American in the Eastern Caribbean.