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Sagicor to Move Head Office from Barbados in Response to Credit Rating Downgrades

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“Sagicor Financial Corporation (SFC) the parent company of the regional financial services provider, has decided to relocate its head office out of Barbados where it has been domicile do for close to 175 years. In an exclusive interview in today’s Business Guardian, SFC president Dodridge Miller said the board decision was unanimous and the Barbados government has been informed. Trinidad, London and the U.S. are options for the new SFC head office, said Miller, who is based in Miami.” – TT Business Guardian

The news that Sagicor, one of the more respected regional companies, will shift its head office must strike at the core of economic fatigue Barbadians. It must have given Barbadian Group President Dowridge Miller no pleasure to be part of the decision that will see a 175 year relationship broken.

Barbadians were assured by the minister of finance Chris Sinckler, governor of the central bank Delisle Worrell and ardent DLP supports that the downgrades by the credit rating agencies are without ‘justification’. If the planned shift of Sagicor from Barbados does not cause a seismic reaction to a government which lacks the competence to manage the country, nothing will.

In August 2014 minister of labour Esther Byer-Suckoo assured Barbadians the unemployment fund was still ‘solid’. This week minister of finance Chris Sinckler had to respond to reports the Unemployment Fund is seriously compromised. It is time for sensible Barbadians whether B, D or Independent to raise their voices in response to the demise of our great island. This is one example of many which exposes a lack of leadership, a crisis of governance or plain ignorance.

Enough is enough!

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193 responses to “Sagicor to Move Head Office from Barbados in Response to Credit Rating Downgrades”

  1. Due Diligence Avatar
    Due Diligence

    Shocking

    Who will be next to follow

  2. old onion bags Avatar
    old onion bags

    Not a word on CBC TV evening news…..instead headlines about Nigerian students who want out from Ram hotel….cuz they aint getting enough toilet paper or soap..

  3. Pachamama Avatar
    Pachamama

    David

    During the Mutual Affair the company had made a solemn promise that this will never happen. In fact, the New Deed was structured so that the HQ will always be in Barbados.

    At the time the White planter elites and their Black lackeys were seeking to fuck the policyholders by giving them a key but change the lock. And moving the HQ was on the cards as a strategem.

    Since then the company has gone public, titularly. However, it was understood that previous undertakings were still operative. But the leadership never gave up their goal of separating Barbadian policyholders from their company.

    Only the White elites and their Black handlers ever had any real ownership rights in this company, not the ordinary Black policyholders. Ownership and control were to be always separated when Black could out vote Whites.

    As a make believe public company. And we say make believe because Sagicor pretends to be a public company but on closer analysis one could see that this is merely a mirage. Just smoke and mirrors.

    So the company seeks to benefit from the trapping of being public but effectively operates as a private company. Just like how it use to pretend to be a mutual company but operated like a stock company.

    We will project Sagicor will go to TNT. Dominant shareholders on the Board were long pushing for this. Any bets!

    This signals the beginning of the end for Barbados as an economic force in the Caribbean. It reminds us of Guyana in the 1960’s.

    Sagicor – The Mutual, as misled as it has been, is merely catching at straws as it suggests reasonings which are counter intuitive.

  4. Colonel Buggy Avatar
    Colonel Buggy

    Sagicor is merely following in the Barbados Government’s footsteps. First it was the people of Barbados, National Bank along with Barbados Mortgage Finance, followed by ICB and a host of others. When you see the Captain vacating a floundering ship , ya better jump overboard to save yourself.

  5. Due Diligence Avatar
    Due Diligence

    David

    I cannot find anything about this anywhere in cyberspace.

    This Facebook thing must be a very sick prank

  6. Pachamama Avatar
    Pachamama

    David

    We also have to examine the nefarious role of Hilary Beckles.

    We have to measure the extent to which we benefit when he is involved. And whether these involvement are ever to be in our interests.

    It is amazing the kind of shite this fucker could get away with. There must be a time for an accounting

    Now Beckles could change horses and ride us again through our ancestors. Looking for the reparations filly.

  7. Hants Avatar
    Hants

    http://www.guardian.co.tt/business-guardian/2015-01-07/barbados-woes-impact-sagicor%E2%80%99s-decision-relocate

  8. Hants Avatar
    Hants

    I did the due dilligence for Due Dilligence. lol

  9. Anne Avatar
    Anne

    I lost my insurance and pension plan in one of the insurance companies connected to Clico. Then I opened one with Sagicor…Well something is so wrong. Gabby said years ago that the politicians mekking sport at the de people and the insurance companies are doing the same thing.

    If locals have to go through the hoop to get compensation from a local insurance company what would happen when the parent company is “over and away”. Bajans will not make a fuss.. as usual. The more thins change the more they remain the same.H

  10. Due Diligence Avatar
    Due Diligence

    Thanks Hants.

    I Googled Business Guardian, but did not see that link.

    Unfortunately, it looks like the story is not some sick prank.

  11. Shareholder Avatar
    Shareholder

    Barbados may be responsible for the downgrade, but the Board is responsible for the poor performance of the share price and dividend payout. We need the Board to show some confidence and increase the dividend, starting April 2015.

  12. Gabriel Avatar
    Gabriel

    Is it too much to hope that the meeting the sleeping giant is to address on Jan 28th will be the forum for the rumored cabinet changes.The man said Sinckler was eminent for him.Between Stuart who by the way was reluctant to look up from the podium while talking to his invited guests at Ilaro on CBC TV,between Stuart and Sinckler,Worrell the man who wants to abolish Vat,Quisling Boyce and the ruffian Mr Physical Deficit Jepter Ince,this quintet have taken Barbados out of contention for no 1 in the Developing Nations to a role of beggar at large at the mercy of loan sharks in Mutual/Hedge funds and the tax free holiday for 40 years shark types like the abrasive red man from the land of wood and water.I don’t know who is more rough than he and Cow and Bizzy,but they all qualify.

  13. Shareholder Avatar
    Shareholder

    Only the holding/financing company will be affected. The operating companies are not moving, so no impact on policyholder service, etc.

  14. John Hanson 1781-1782- I SERVE 1788- 1792 BARBADOES. Avatar
    John Hanson 1781-1782- I SERVE 1788- 1792 BARBADOES.

    The other leg of land fraud in Barbados has fallen , They were on the Radio in Guyana in November 2014 looking to fill the CLICO gap, The could not remove the Rastas off the land at Hanson Plantation to make money and now the well dry, Massive Land Fraud in Barbados is on its way down, So we can see what companies can stand on their own 2 feet. Now Jennifer King Attorney liars at Lawlessness and the rest will leave this place , we all will live a lot better, Let them to to TNT and do their shit and get chopped . bye bye,

  15. Shareholder Avatar
    Shareholder

    Sagicor Financial Corporation shareholdings by country as of December 31, 2013:
    • 51.59% (T&T)
    • 33.28% (Barbados)
    • 07.06% (EC)
    • 01.86% (Other Caribbean)
    • 06.21% (Other)

  16. islandgal246 Avatar
    islandgal246

    Businesses are losing confidence in Barbados mainly because of how it is managed. The downgrades should be a warning bell to the leaders to buckle up and improve BUT these downgrades were met with disdain and arrogance. Pride comes before a fall! Barbados is spiraling out of control. We have no leadership and government ministers seem to be doing whatever they want because “nobody but the PM could move them so they staying put!” And if “someone loses confidence in you it is up to them to restore it”. The PM stated he is pleased with the performance of his ministers and sees no reason to shuffle his cabinet. That kind of reasoning and thinking is so badly flawed it exposes the type of piss poor leadership we have. The lies and more lies coming from the mouths of these leaders is astounding. Investors are watching and observing.

  17. Caswell Franklyn Avatar
    Caswell Franklyn

    Sagicor’s proposed move is just another nail in the coffin. The final one will be the devaluation of the Barbados dollar, which might be just around the corner.

  18. Redman Avatar
    Redman

    These ” Eminent Persons” are really lowering the bar . After the recent exposing of the Minister on Brass Tacks as just another ignoramus, it has become abundantly clear that we in deep doo doo.

  19. Shareholder Avatar
    Shareholder

    Caswell Franklyn January 8, 2015 at 10:42 PM #: Sagicor’s proposed move is just another nail in the coffin. The final one will be the devaluation of the Barbados dollar, which might be just around the corner.

    What exactly, in your opinion, will cause this devaluation?

  20. David Avatar
    David

    The country can stave of devaluation if we have enough foreign reserves. We have been told we have 15 weeks at the moment and with tourism projected to be on the improve why are we worried? Why do you think the internal devaluation currently being imposed is being defended by the government with all their sinew?

  21. Shareholder Avatar
    Shareholder

    So why is it that devaluation “might be just around the corner”?

  22. David Avatar
    David

    It maybe if we are unable to replenish our foreign reserves but devaluation is an inevitable narrative give the protracted stall of the economy.

  23. Shareholder Avatar
    Shareholder

    With the possible relocation of Sagicor, this may be an appropriate time for journalists to examine the performance of its board of directors since demutualization: financial performance; share price performance; sale of shares via private placement; European investment; performance of material assets, etc. There may be one positive outcome of a relocation if it increases investor confidence in the company and the performance of its share price.

  24. Caswell Franklyn Avatar
    Caswell Franklyn

    We have shored up our foreign reserves with external borrowings and not by earnings from the productive sectors of the economy. We cannot borrow our way out of this crisis, we must earn our way. Eventually, as a result of the all too often downgrades by the international rating agencies, our opportunities to borrow on the international market at reasonable rates will start to dry and we will have to pay usurious rates to attract financing.

    What are we going to produce to earn the necessary foreign exchange? We are not competitive and we can’t continue to sell state assets; they are finite. When they are gone what are we going to sell? Barbados cannot continue to spend more than it earns indefinitely, something has to give and I daresay that the possibility of a devaluation is not now some remote possibility, especially when indigenous financial institutions start to take flight.

    >

  25. David Avatar
    David

    The X factor will be if tourism can deliver the forex we need to pay the bills along with foreign investment. The sale of state assets is another side of the equation that we have to manage as well by being efficient with public finance.

  26. David Avatar
    David

    @shareholder

    Is the media competent to perform such an exercise?

  27. Adrian Loveridge Avatar
    Adrian Loveridge

    The poicymakers have quoted a possible 6 per cent increase in long stay visitor arrivals for 2015 which would roughly be another 30,000 people. With the re-opening of Sandals that could add up to 26,880 additional people leaving the entire remaining accommodation sector (hotels, apartments. condominiums, villas, unregistered lodging etc) to fill the balance of 3,120. The problem here is that we know Sandals collects the majority of its revenue offshore, so I am not sure where the tourism recovery is going to come from, especially without a plan.

  28. Gabriel Avatar
    Gabriel

    I posit the view that devaluation talk started by Sandy and his stupid followers since 1992 Is a nonsense.Barbados does not export internationally controlled resources therefore the prices as determined by international commodity traders is absent from our equation.Secondly,we just need a few tourist liners a week and a properly structured trickle down of the US dollars in the society at large and bingo we should survive without the big consumer goods buyers like Massy and Simpson and McAl competing for US currency in the banking system and forcing Delisle to resign under his incompetence induced high blood pressure.

  29. Norst the Invader Avatar
    Norst the Invader

    Ring the alarm, another boy is dying. Poor Sagicor.

    Someone please go notify Sinckler so he can hold a urgentn press conference to reassure the good people of Barbados that there is nothing to fear in Sagicor moving. In fact Mr. SInckler should not lose the opportunity to advise Barbadians that Sagicor’s move is ‘another’ sign that the economy is recovering. LOL.

  30. David Avatar
    David

    @Adrian

    The tourism master plan was finally approved by Cabinet, there you have it.

  31. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    The People’s Democratic Congress (PDC) has, since its inception in 2005, been saying that DLP and BLP governments have been grossly and recklessly mismanaging the political material and financial affairs of this country.

    As time goes by in this land, there has been ever increasing appalling and damning evidence of their monumental incompetence in managing such affairs, and greater and greater proof of countless of their adverse, ill conceived, and regressive political economic financial policies and programs leading to the systematic destruction and degradation of many such affairs in this country.

    PDC

  32. Adrian Loveridge Avatar
    Adrian Loveridge

    David,

    I had given up on the Tourism Master Plan, the Ten Point Tourism Plan and all the others ones not implemented. In this case I was think of a marketing plan.

  33. Norst the Invader Avatar
    Norst the Invader

    David & Adrian,

    How relevant can a tourism mater plan be when it is 5 or 6 years old by the time it is adopted? This plan has been worked on since 2008/9 and we are in 2015, are we not?

  34. Gabriel Avatar
    Gabriel

    Anybody notice Owen Seymour Arthur has not been sought after for a comment on the Sagicor matter.Nobody wants to hear from the Primate into Paris nor the leader of the Opposition Mia.We wish both the Primate and Mia well in their departure from Politics Barbados.Good riddance to incompetence and ignorance.

  35. David Avatar
    David

    One has to hope they will still be able to cherry pick relevant initiatives contained in the plan. God help us.

  36. old onion bags Avatar
    old onion bags

    @ Gabriel

    Poor you….it musse really hurting ya belly this news….affa all tis was the team that you was all ova Brass tacks daily promoting as Saviours….By the way, how Carson? Time to send in the Carson, man…..at least he is a true son of the soil….

  37. Bush Tea Avatar
    Bush Tea

    SAGICOR is an interesting case study.

    Here is another potential Bajan GIANT that could have been even more influential in the region than MASSY, but, led by a collection of “stuart-like do-nothings”, who just sat around playing golf and getting fat on easy insurance money …and on their good luck that Barbados suffered no major losses over the years.

    Now that the host is suffering (thanks largely to their laziness) their solution is to jump to another host – like all parasites are wont to do…

    Bushie says ‘another’, because UWI Cave Hill is the other parasite that comes to mind….yet another institution with the potentiality and RESOURCES to make a HUGE difference to this country – that just sucked the host dry and now that things are hard, are claiming that they are ‘regional and not Bajan’ …. FCUKERS!

    What do they both have in common?
    Sir Cave Hilary.

    A “proud” son of ******** (the soil), who used these critical potential areas of national growth as his OWN personal ladder to satisfy his ego.

    That “demutualization” shiite should have been the opportunity for the MUTUAL to transform itself into THE Barbadian entity to take control of national assets; to lead in investing regionally and even globally; to develop local investments and enfranchisement; and to expand mutual ownership to the Bajan public.
    INSTEAD, they converted a perfectly good MUTUAL society into a private company SOLELY to allow control to be retained by a select group of parasites….

    ……AND SIR CAVE joined with them in this….
    ……He and the current big boss at the Nation….

    Now, having French Connected (UK) Barbados, their solution is to run to Trinidad (to whom they have sold out the majority of ownership anyhow….)
    …but they may well be jumping from the pan into the fire…..

    Bajans are blind brass bowls indeed….

  38. Pachamama Avatar
    Pachamama

    We don’t see anybody talking about how this enterprise was birthed in Barbados, 1831. we think. Represents more than ones and zeros.

    This is the surrender of something uniquely Barbadian. Nearly 200 years of history, corporate culture. Though for too long the mass was prevented from any entry – barriers to entry.

    The second oldest insurance company in the western hemisphere.

    All of this is now to be transferred to Trinidad, we are guessing.

    That the circumstances could be created for this to happen is indeed an indictment of all involved. We might as well rename Barbados. ’cause this country cannot be Barbados without The Barbados Mutual cum Sagicor!

  39. old onion bags Avatar
    old onion bags

    Artaxerxes November 26, 2014 at 10:16 PM # “True leadership is essentially about communication. And effective leadership is about motivating, mobilising, reassuring, inspiring confidence, protecting and empowering. That is a given, whether you lead a group of people in a company or the people of an entire country,”

    Fruendel “Hypnos” Stuart is the prime minister of Barbados, let’s analyse the above statement to find out if he possess any of the characteristics described therein.

    “True leadership is essentially about communication”………… when last has Stuart effectively communicated about any issue affecting this island? The over $500,000 charged by Byer; the ERT’s inability to convene a meeting to facilitate severance payments for those former NCC employees who were severed 7 months ago; the downgrades by the international rating agencies; the unsanitary conditions at St. Matthias Magistrates’ Court; pile up of garbage around the island, why retrenched public sector workers had to wait almost 8 months before being paid severance, CLICO fiasco, factions in the DLP, a definitive strategy on the way forward for Barbados… these are just a few of the issues Froon has refused to communicate on with Barbadians.

    “And effective leadership is about motivating, mobilising, reassuring, inspiring confidence, protecting and empowering.”

    Pray tell me, what has Fruendel Stuart done, as prime minster of Barbados to motivate, mobilise, and reassure Barbadians?

    What has he done to inspire confidence in the country against the background of failed economic policies, which ultimately led to numerous downgrades by the international rating agencies and a lack of confidence by investors and international financial institutions?

  40. Artaxerxes Avatar
    Artaxerxes

    @ islandgal246 January 8, 2015 at 10:12 PM #

    “Businesses are losing confidence in Barbados mainly because of how it is managed. The downgrades should be a warning bell to the leaders to buckle up and improve BUT these downgrades were met with disdain and arrogance.”

    Islandgal, you seem not understand this entire situation. On one hand this DLP administration and their loyal supporters are of the opinion that the downgrades by the international rating agencies are without justification or as Stuart recently said about Moody’s downgrade in June 2014,” what they say has as much value as what you would see in any garbage dump collected by the Sanitation Services Authority.”

    On the other hand they are saying BU, Ryan Straughn, Jeremy Stephen, Lynette Holder, the Nation and their columnist, the BLP, BCCI, Starcom Network, Brass Tacks and anyone who is critical of the direction the DEMS are taking Barbados, by preaching “doom and gloom”, are responsible for the downgrades.

    Not once during their 7 years in office have the DLP accepted responsibility for their failures, they prefer to blame someone else or tell us to either bring solutions or shut up. Could you imagine one stupid DLP sympathizer, instead of asking Denis Lowe to accept responsibility for the pile up of garbage in the island, that individual stated Barbadians are dumping indiscriminately to embarrass the government, while the BU’s resident DLP yard-fowl blame the garbage situation on the policies previous BLP administration.

    No wonder why both local and international business investors have little or absolutely no confidence in the government.

  41. old onion bags Avatar
    old onion bags

    Stuart recently said about Moody’s downgrade in June 2014,” what they say has as much value as what you would see in any garbage dump collected by the Sanitation Services Authority.”

    You call that real expensive garbage then…..some that other countries cannot afford to IGNORE…unlike we bout hay that is,….. haven’t you noticed,we moving pun we own steam nowadays, D captain got he eyes set pun ee own destination…to where.>>>>>>??????

  42. old onion bags Avatar
    old onion bags

    BTW…what you all expect, this is a man wid high culture,..a man dat duz read Horace, so what you expect eh?…..ee ent talking bout at nah Rosedale.Dr. or nah Sandy Lane garbage, no sir….time wanna read lil Dante and elidicate wanna selves bout the souls sufferin in Hell……

  43. old onion bags Avatar
    old onion bags

    Nel mezzo del cammin di nostra vita
    mi ritrovai per una selva oscura
    ché la diritta via era smarrita .

    Ahi quanto a dir qual era è cosa dura
    esta selva selvaggia e aspra e forte
    che nel pensier rinova la paura !

    Tant’è amara che poco è più morte;
    ma per trattar del ben ch’i’ vi trovai,
    dirò de l’altre cose ch’i’ v’ho scorte .

  44. Artaxerxes Avatar
    Artaxerxes

    @ old onion bags January 9, 2015 at 9:16 AM #

    Hahahahahaha………….….. good one, Onions.

    “I cannot clearly say how I had entered the wood; I was so full of sleep just at the point where I abandoned the true path.”

    So, Onions, are you trying to inform BU that Freundel‘s leadership script has been influenced by the Italian poet known as Dante?

  45. HAMILTON A. HILL Avatar
    HAMILTON A. HILL

    We were told that the findings of S&P and those of Moody’s were meaningless and irrelevant, now we find that as a direct result of those findings Sagicor, a company that has been around here for as we say in bajan parlance an iwa is about to bid us farewell.In short we were lied to. Is it not time to bid farewell to this administration that blatantly lied to us? They are neither worthy nor deserving of the pension for which they are waiting. I again implore every able bodied Barbadian to stop them in their tracks. Forget under whose auspices the March is held. If only for one day let your allegiance be to COUNTRY and come out in your numbers. From St Michael ‘S Row to Pelican and beyond, occupy that stretch so that in the words of RPB ” An ocean of color ” is what they see. The rescue mission needs to start as soon as possible. In the words of RPB ” WE MUST REBUILD ”.

  46. William Skinner Avatar
    William Skinner

    I am missing something here: We are hollering that Sagicor is a Bajan company but I read that 57% percent of the shareholders are Trinis. Could somebody clear this up? Thanks

  47. old onion bags Avatar
    old onion bags

    @ Artaxex

    Whaloss Artexex……man I didn’t know you too is a man of the classics ?….a true Cawmere boy…..now ya see, I bet Bushie still bout dey wid he dictionary trying to decipher….doan talk bout Hammie,damm ole coquette…fa real doah, ya mekk d ole school proud tis morning.

  48. HAMILTON A. HILL Avatar
    HAMILTON A. HILL

    This pension thing for this group comes over to me like a man that got a ton of horns and then is expected to pay alimony after divorce. I hope to God these fu..ers don’t get one cent. In short I hope it collapse before month end.

  49. Gabriel Avatar
    Gabriel

    Onions
    Get dis strait.Ef a Dem did de las’ man stannin’ neider he nor she would get my vote.Once more gaul bline all ‘o dem stinking,ignurnt hoes wunna dat eatin de fatted calf.

  50. Artaxerxes Avatar
    Artaxerxes

    @ William Skinner January 9, 2015 at 9:41 AM #

    “I am missing something here: We are hollering that Sagicor is a Bajan company but I read that 57% percent of the shareholders are Trinis.”

    Yes, you are definitely “missing something here”.

    The fact that Trinidad may or may not own 57% of the shares in Sagicor is relevant in this matter.

    The more important issue here, is that Sagicor’s management seems to have lost confidence in Barbados’ economy, due to the continual downgrades of this island’s credit rating, and used this information to make a business decision.

    Perhaps you’re implying Sagicor’s real reason for deciding to leave Barbados is because the company is Trinidadian owned.

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