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Resolution Life Barbados, Resolution Life UK (?)

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Surprise, surprise after almost a decade Resolutions Life Assurance Company (Reslife)– a company formed to receive the assets of the failed CLICO Insurance Limited with a top up from taxpayers- was recently established.   Why have we expressed ‘surprise’? There is a general election bell to be rung soon of course.

On behalf of the former CLICO policyholders we wish the new company well but …

Meet the Board of Reslife:-

It is interesting to note based on a search of CAIPO that Resolution Group Reinsurance (Barbados) Ltd was registered 3 July 2014 # 38385 and Resolution Life Assurance Company Limited was registered on 30 July 2015 # 39671. It prompts the question WHY did the powers that be chose the name for the new company when a Google search revealed that there is a UK based insurance company with the name Resolution Life?

We do not expect that the Barbados flavour of Resolution Life will operate outside of Barbados in the foreseeable future to make the similarity in names an issue but still it the rationale for the name demands an explanation.

 

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140 responses to “Resolution Life Barbados, Resolution Life UK (?)”

  1. Prodigal Son Avatar
    Prodigal Son

    What do you expect from an incompetent government?

    The people of Barbados are yet to told if all the assets of CLICO are accounted for and their value.

    Has the government recovered all of the assets like the 3.3 million dollars?

  2. Caswell Franklyn Avatar
    Caswell Franklyn

    This administration is behaving as though Barbados is its own personal fiefdom. They do as they like without any form of accountability to the people of this country.

    Their election manifesto and their platform pronouncements should have been their guide. Instead, they have abandoned their promises to the electorate and went on a mission of enrichment for a few and widespread impoverishment for the vast majority of Barbadians.

    But you know that they still have the unmitigated gall to come back to the electorate with straight faces and ask for our votes. They will say that they have done their best and with that I wholeheartedly agree. The thing is that their best is a level of incompetence not seen before in the annals of history of this country since 1627.

    While still clinging to some hope of electoral victory, they are attempting to make wrong things right and this solution for Clico is just for electioneering purposes.

    Mind you, they are not completely delusional, they are still making plans for a return to power some time down the road and have been seeding the Public Service with their minions, who they expect would make life difficult for a new administration.

  3. mitchlans Avatar
    mitchlans

    Guardian Insurance was established in the UK in 1902, and no-one seems bothered about the similarity between that and Guardian General Barbados. So your point is not clear.

    As policyholders were promised a resolution to the debacle for 9 years, it is not too much of a stretch to conclude why a decision might have been taken to call the company Resolution Life.

  4. David Avatar
    David

    @mitchlans

    Was very clear to make the point that the similar name is not an issue unless the company plans to operate outside the region at a point in the future.

  5. NorthernObserver Avatar
    NorthernObserver

    The name isn’t the story.
    This umbrella has all the insurance related Clico business. The assets are supposedly in New Life Invesco. What’s the news on that?

  6. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    “While still clinging to some hope of electoral victory, they are attempting to make wrong things right and this solution for Clico is just for electioneering purposes.”

    They millions in taxpayer’s dollars to engineer this scam, the same people they are so disdainful of, they will then act like they are doing policyholders a favor, when they are just introducing more of the same thievery against policyholders and those stupid enough to buy insurance from this company,

    Making wrong these rights would be locking up Leroy Leper and all his fellow thieves, seizing all their illgotten, money laundered stolen properties and freezing the David Thompson 30 million dollar estate until where and how he got that money can be accounted for..

    .. they are none of them to be trusted and bajans should never put their money in any company that still carries the stench of Leroy Leper and government ministers.

  7. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    They used*****

  8. David Avatar
    David

    @Northern Observer

    You know BU, we ask questions and more questions.

  9. millertheanunnaki Avatar
    millertheanunnaki

    @ Caswell Franklyn January 23, 2018 at 12:31 AM
    “But you know that they still have the unmitigated gall to come back to the electorate with straight faces and ask for our votes. They will say that they have done their best and with that I wholeheartedly agree. The thing is that their best is a level of incompetence not seen before in the annals of history of this country since 1627.
    While still clinging to some hope of electoral victory, they are attempting to make wrong things right and this solution for Clico is just for electioneering purposes.”

    We suspect they (the Dems) will be making it a reelection plank on their upcoming platform of deceit, lies and propaganda.

    They certainly cannot promise the people to fix the South Coast sewerage problem nor to build a brand new plant for the West coast.
    That would clearly be a pipedream of consummate shit(e).

    The ‘burning’ question to be asked about this reincarnated vampire of CLICO
    is how this ‘Res(t) of your life waiting for payouts’ company is going to be financed?

    Who will be providing the lifeblood (cash flow) to this re-branded vampire?
    Who will be investing in the bonds to be floated?

    Or does the Central Bank intend to print money to provide start-up capital and operational cash injections using the real estate transferred from the dead cash cow CLICO Barbados as collateral?

    Help us here Caswell, who are the real bankrollers of this genetically-modified corporate bloodsucking fleece made of DLP connected dog fleas?

    Or is this another pie-in-the-sky project like Hyatt and the high-sounding Visionary Development financier?

  10. Adrian Loveridge Avatar
    Adrian Loveridge

    The relevance of the name is if it is replacing CLICO and specifically does not have (Barbados) in its title, is there anywhere in its mandate that states it will only operate in Barbados? Correct me if I am wrong, but didn’t CLICO had 65 associated companies that operated in 32 countries including the USA and UK.
    WHY choose a name where other companies are already successfully trading in life assurance. A comparison would be to name the new Sam Lords as the Inter Continental Hotel which had absolutely no connection with the existing brand.

    It smacks of something not quite right.

  11. David Avatar
    David

    @Adrian

    Based on all the public information this is a locally incorporated company setup to deal with Barbados issued policies. How the Clico Holdings Ltd is being treated which had oversight for the EC is unknown to BU.

  12. millertheanunnaki Avatar
    millertheanunnaki

    @ David January 23, 2018 at 9:01 AM

    Isn’t the “Clico Holdings Ltd” the ‘owner’ of the real estate ‘holdings’ in Barbados?

    How would these assets be transferred in any arm’s length transaction to a brand new ‘investment’ company without concomitant consideration?
    Can the aggrieved policyholders in the other territories of the EC bring a class action law suit against the entity setting up this new company using the CCJ as their court of original jurisdiction in the interest of ‘efficiency’ and as a matter of urgency to put a stop to this politically orchestrated ‘brek-fuh-ya-self’ move?

    Maybe Hal Austin, our resident guru on all things dealing with the insurance industry, can shed some light.

  13. Bernard Codrington Avatar
    Bernard Codrington

    @ David at 9:01 AM

    Surely the stakeholders ( the insured,holders of annuities etc )would have been informed. Have their business been transferred to a new company without their input? Have the tax payers’ who will be bank- rolling this new arrangement, been informed? What kind of democracy are we living in?

    But Miller has always been hinting that we are a Banana Republic and maybe we are. Maybe ,as in the past, we missed the cue.

  14. Well Well @ Cut and Paste @ Your Service Avatar
    Well Well @ Cut and Paste @ Your Service

    but didn’t CLICO had 65 associated companies that operated in 32 countries including the USA and UK.

    that was CL Financial…parent company of CLICO, which was a subsidiary…

    the cockroaches are in the background using technicalities to circumvent the rules.

  15. Adrian Loveridge Avatar
    Adrian Loveridge

    Another question. Why would you publicly launch a new company, print a website address in the ‘ads’ and then not have a functioning website. Does not seem like good business to me!

  16. David Avatar
    David

    @Miller and Bernard

    There isn’t enough information in the public domain about this transaction to speak with certainty about the issues raised. Ralphie had threatened to take the matter to court, we will have to wait, yes the taxpayers doing the top up will have to wait for information. There is irony in the statement somewhere.

  17. David Avatar
    David

    @Adrian

    The website is hyperlinked in the blog.

    http://www.reslifeassurance.com/

  18. Bush Tea Avatar
    Bush Tea

    Perhaps the name is chosen exactly like CAHILL was….
    Go on line and look for a name that exists overseas.
    Brass bowls checking up on the company would then tend to assume that six is half dozen…. when the ‘local six’ is shit.

    The other alternative is too dire to consider….
    …that the principals are such RH brassbowls that they could not even come up with an original name….

    Bushie tends towards the latter…..

  19. Bernard Codrington Avatar
    Bernard Codrington

    @ David at 10 :12 AM

    Thank you very much. It appears to have been capitalized to the satisfaction of FSC. Is it safe to say that GOB are the sole shareholders ? If it is the public need to know the details.

  20. Hants Avatar
    Hants

    @ Bushie,

    the name ” Resolution “( of the Clico “Life” ) debacle.

  21. Underworld Whistleblower Avatar
    Underworld Whistleblower

    This is a SHAM company ALL former Clico policy holders have their contracts changed.

    They cannot cashout their former Clico Policies for a number of years however for the Policies to remain valid they must make their monthly payment until I believe 4 years from now to cash Policies exClico.

    Failure to pay monthly premium Policy holders over the 4 years lose whatever they have in.

  22. Bernard Codrington Avatar
    Bernard Codrington

    U Wb at 12:10 PM

    So the can is being kicked further down the road? I think I ought to do some research.

  23. David Avatar
    David

    How is it a sham if June Fowler and BIPA have given the thumbs up? They have a BIPA member sitting on ResLife’s Board.

  24. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    As I said, the cockroaches are using loopholes to thief from the same CLICO policyholders…all over again.

  25. Underworld Whistleblower Avatar
    Underworld Whistleblower

    @ David

    You must not have read the comments on Barbados Today when it was ran last week.

    Many Policy holders said they were not consulted with the changes in the new contract and would not pay premiums if they have to wait a number of years to cash out. They would rather lose their prior investment and saw it as a scam.

    In fact Neville Greenidge former big boy at Clico also commented that no one should invest or buy any Policy with this new company.

    He is in a better position than desperate June Fowler who has sold out members of which I am one.

  26. David Avatar
    David

    Netball Geenidge is a big B not so?

  27. Underworld Whistleblower Avatar
    Underworld Whistleblower

    @ David

    I am neither a B or DLP so it does not matter his affiliation.

    However as a Clico policy holder I along with other holders were not consulted and hence have to wait a number of years by paying these criminals.

    If this was in any developed country co-conspirators would be lockup for Fraud.

  28. millertheanunnaki Avatar
    millertheanunnaki

    @ Underworld Whistleblower January 23, 2018 at 12:50 PM

    What is the position regarding those policyholders whose contracts have matured and awaiting settlement?

    What about those holding ‘pensions’ annuities which have been suspended or possibly terminated because of lack of cash flow to meet those obligations?

    Where would the cash be coming from to meet those obligations including retroactive payments due to pensioners, etc.

  29. millertheanunnaki Avatar
    millertheanunnaki

    @ Underworld Whistleblower January 23, 2018 at 1:06 PM

    It seems you are onto something rather ‘fishy’.

    Isn’t the person in the smelly Chair a protégé of Greenverbs?

    Is it possible that the same leper fraud is behind the scenes pulling the strings of the puppet ‘good(ly)man’ and waiting in the wings for an electoral coup d’état to return to his much missed fiefdom?

  30. Underworld Whistleblower Avatar
    Underworld Whistleblower

    @ miller

    You should be directing those questions to the Scam company personnel and updating us on your findings.

    This is another Chris Sinclair and Leroy Parris behind the scene desperate election year SCHEME to hoodwink people who don’t think for themselves.

    If this company folds in 3 to 4 years people are up shit Creek again however not the crooked people involved who benefit financially very significantly at the top of this PRYMAID.

  31. Underworld Whistleblower Avatar
    Underworld Whistleblower

    Clenell Goodman the chairman I would not put it pass him to be involved with Leroy Parris as I know both of them on a personal/professional level and I have no coincidence in their association would benefit the Masses.

  32. Underworld Whistleblower Avatar
    Underworld Whistleblower

    Correction

    no confidence

  33. NorthernObserver Avatar
    NorthernObserver

    @UWh
    why the separation of policies and assets? [resLife – newlife]
    what are the connections between the two companies?

  34. Underworld Whistleblower Avatar
    Underworld Whistleblower

    @ Northern

    My guess someone involved wants to get their hands on the physical assets hence the separation of the two companies.

    They could benefit later from cheap sales of acres of land to CLOSE associates as argricutural land and later in lots change of use for big money to residential if Dlp gets back in.

    I know Clenell Goodman feels he know about real estate development as he has built multiple apartments and resold in the past.

  35. David Avatar
    David

    In the absence of solid info there is speculation. Point to Clenell all you want but scan the other members of the board and you will see some solid bios/reputations.

  36. NorthernObserver Avatar
    NorthernObserver

    No such ‘resolution’ is ever perfect. The BoD is ‘not too bad’, though I don’t know the ex Trini RC priest and politician, whose experience would seem better suited to the asset side. Are the BoD of Res and New identical? Seems they share a common Chair. The glaring omission is an actuary?
    The shown management team, do not seem to come from insurance/finance? The jump from ‘Office Manager’ at UWI to CEO, and ‘lecturer’ at UWI to CFO beg a few questions.

  37. millertheanunnaki Avatar
    millertheanunnaki

    @ David January 23, 2018 at 2:12 PM

    A similar reading of the list of members who made up the previous CLICO Board(s) would generate an even more impressive ‘litany’ of outstanding talents and experience earned in the world of business, Law and academia.

    Even the Fowlers, chartered accountant and all, would have been equally dazzled by such blazing bios.

    If only a similar level of enthusiasm had been exercised in the resuscitation of the Four Seasons forex earning project!

    ResLife & New Life are just different brand names of the same smelly perfume called rotten CLICO.

    “Perfume; Any smell that is used to drown a worse one.”

  38. Bush Tea Avatar
    Bush Tea

    Give us a break David
    This is the most obvious scam ever conceived – even by Bajan standards.

    It is all pure optics for election purposes ….and will possibly work too.
    Any shiite will work with brass bowl Bajans.

    As Miller points out, it makes absolutely no economic sense. The whole scheme is based on the premise that Bajans are so damn stupid that, having been scammed by CLICO’s ridiculous interest rates promises, they will now jump at its ‘low resolution shadow’ … by throwing good money after bad – in the hope that four years down the road (and much poorer still) they will get back the often-promised original principle….

    Not only sending the fool further, but robbing the brass bowls all over again.
    A brass bowl and his money are quickly separated.

    Bushie don’t want to hear one shiite from the DLP until persons are LOCKED UP for the CLICO scam.
    That woman from the policy holders’ group could REALLY stop making she-self look like a donkey…… REALLY!!!

  39. Underworld Whistleblower Avatar
    Underworld Whistleblower

    @ David

    If there were so solid all those policy holders who want to cash in policies should be free to do so from day 1 even if they have to suffer a small penalty percentage wise.

    To have to wait further years and paying premiums monthly in order to recoup benefits at some years in the future the alternative if not losing ALL by not paying is a PONZI scheme.

    In the next 3 to 4 years more exClico
    Policy holders will DIE as happened in the last 10 years and this company may not even be solvent.

    It is not about the Directors it is about taxpayers and policy holders being fleeced again.

    Click had Directors with impeccable records however where did that take the company?

  40. David Avatar
    David

    June Fowler is on record as giving her full confidence to the FSC.

  41. Dr. Simple Simon Avatar
    Dr. Simple Simon

    @Caswell Franklyn January 23, 2018 at 12:31 AM “While still clinging to some hope of electoral victory, they are attempting to make wrong things right and this solution for Clico is just for electioneering purposes.”

    And perhaps to provide jobs for some party loyalists.

  42. David Avatar
    David

    Think about it, would it make financial sense if policyholders were allowed to cashin policies before maturity or even based on those that have matured at startup? They appear to have borrowed from the Mutual BCCI model where institutional investors/government had to agree to leave their investment/deposit for seven years if memory serves. Interesting that Goodman is at the helm now, didn’t he take over from Dowridge Miller at Mutual Bank? Funny how history repeats!

  43. David Avatar
    David

    Interesting composition of the Board.

    https://www.barbadosparliament.com/uploads/sittings/attachments/bcf2457bafb3a179dd60af5fa3a6c46e.pdf

  44. Dr. Simple Simon Avatar
    Dr. Simple Simon

    The Chairman is a former Canadian Imperial Bank of Commerce/CIBC/First Caribbean International Limited (whatever it calls itself) banker.

  45. Dr. Simple Simon Avatar
    Dr. Simple Simon

    @Underworld Whistleblower January 23, 2018 at 2:46 PM “It is not about the Directors it is about taxpayers and policy holders being fleeced again. Click had Directors with impeccable records however where did that take the company?”

    By the way how much are the directors being paid? Does anybody know? Since their pay is coming from the CLICO investors and or the taxpayers I think that the CLICO investors and the taxpayers have a right to know how much these DLP loyalists are being paid.

  46. Dr. Simple Simon Avatar
    Dr. Simple Simon

    @Underworld Whistleblower January 23, 2018 at 2:46 PM “ Click[CLICO] had Directors with impeccable records however where did that take the company?”

    In Barbados we have this thing that if a person is the Prime Minister’s friend we should ask no questions. We should trust them implicitly. We continue to act as though Prime Ministerial friends are like Ceasar’s wife…

    But are they?

  47. Dr. Simple Simon Avatar
    Dr. Simple Simon

    Every Prime Minister in Barbados has had a “friend” who used his “friendship” with the Prime Minister purely to advance his own selfish interests.

    And “yes” it has ALWAYS been a he.

  48. millertheanunnaki Avatar
    millertheanunnaki

    @ David January 23, 2018 at 2:55 PM

    Your concern is valid about there being a run on the ‘new’ company if policyholders were able to cash in their policies tout suite by adhering to the idiomatic expression of ‘once bitten, twice shy’.

    So why can’t the government which is behind this new bailout company (foster father) show a greater level of confidence in their ‘rescue’ baby by investing in it some of the proceeds from the sale of the BNTCL or even the Hilton hotel?

    Didn’t the now dead undertaker David T demonstrate a similar token of confidence in the managerial competence of this baby’s dead father called CLICO under Leroy by giving $ 10 million or so for medical expenses while in the ICU?

  49. David Avatar
    David

    @Miller

    Does it matter where the ‘top up’ comes from whether consolidated fund or not?

  50. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    Dont know if anyone else noticed, but the same illegal EFPA scam policies from Leroy Leper/CLICO…are still active, they did not even bother to rename them.

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