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Resolution Life Barbados, Resolution Life UK (?)

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.

 

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

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

    A.m surprised they did not rehire the same incompetent, vicious crooked board members they had before, Leslie Haynes included, they never let a lawsuit stop them before.

  2. NorthernObserver Avatar
    NorthernObserver

    @SS
    “right to know how much these DLP loyalists”
    I think this is one of the lesser overtly partisan BoD you will find.
    The weakness appears to be in management.

  3. millertheanunnaki Avatar
    millertheanunnaki

    @ David January 23, 2018 at 3:59 PM

    Aren’t you under the impression that bonds will be floated to finance the start-up of the New Life project?

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

    So where is FSC and Frank Alleyne to come down on the new scam company hard, for not having an actuary or 3 on board?

    Are they waiting for IMF to highlight that scam again?

  5. millertheanunnaki Avatar
    millertheanunnaki

    @ Well Well & Cut N’ Paste At Your Service January 23, 2018 at 4:11 PM

    Now here is an excellent opportunity for a locally born and bred (son of the soil) actuary to put his skills where his pen always likes to roam.

    Let us nominate Walter Mc M. Blackman as that member or even as the ‘resident’ actuarial analyst/consultant.

  6. NorthernObserver Avatar
    NorthernObserver

    @miller
    “bonds will be floated to finance the start-up of the New Life project?”
    why would they need bonds, when NLICO is reportedly stacked with assets?

    @WW&C
    “same illegal EFPA”….the reason is likely to show it is a great product, hence we continue to offer and support it. Avoids any challenge of ‘you knew it was flawed, hence you removed it’. You can OFFER it without SELLING it.

  7. David Avatar
    David

    @NO

    Have you eyeballed the asset register of NLICO? Does it balance with liabilities due? Wasn’t there a short fall when the valuation was done?

  8. millertheanunnaki Avatar
    millertheanunnaki

    @ NorthernObserver January 23, 2018 at 4:30 PM

    If memory serves correct this (bond financing) was the preferred option floated by the MoF to finance the start-up and early operations of the two new companies.

    NLICO might be stacked with assets (real estate) but are these assets generating cash flows to meet obligations to policyholders and meet operational cash requirements?

    Take a look at the overgrown fields owned by CLICO in St. John and tell us if you can spot any cash-cows grazing or only cow itch and field mice playing games of cat and mouse with the policyholders’ financial future.

  9. Chickens come Home to Roost Avatar
    Chickens come Home to Roost

    @ Simple

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

    Didn’t Clenell Goodman not ran away and left his gratuity etc because dubious activities?

    He is now the Chairman ……………………………….

  10. NorthernObserver Avatar
    NorthernObserver

    “Have you eyeballed the asset register of NLICO?”
    not yet, I didn’t pay much attention, based on the fact I had no personal/client exposure, and they generally take a long time to happen.

    @miller
    land is good. It can be re-purposed to turn those itching cows into cash producers.

  11. millertheanunnaki Avatar
    millertheanunnaki

    @ NorthernObserver January 23, 2018 at 5:02 PM

    True. But while you are waiting to plant houses the cows will be more than itching. They will be starving to death. The baby is in need of milk and booties now.

  12. David Avatar
    David

    Has Mia announced a strategy for CLICO?

    #askingforafriend

  13. millertheanunnaki Avatar
    millertheanunnaki

    David January 23, 2018 at 5:19 PM

    Yes!

    First order of business would be to charge Greenverbs for money laundering and to use the proceeds forfeited from his ill-gotten estate to help defer the cost of rehabilitation which the taxpayers are being forced to do.

  14. David Avatar
    David

    @Miller

    That was s not a strategy!

    While the matter is bogged downs an in our moribund court system the cows will be starving to use your analogy.

  15. NorthernObserver Avatar
    NorthernObserver

    The assumption being the way to extract value is to ‘plant houses’. In reality, with ALL that land, housing uses only a small portion, and as you highlight is capital intensive. One needs less capital intensive uses, which produces a more immediate cash flow. Plus recent housing endeavours of volume, regardless of target market, have struggled.
    The Res staff appear to be focused administratively. Hence, the NLICO staffing is likely to be key, as asset utilization, and hence revenue production, is the key to any success.
    Are there other assets other than land?

  16. Prodigal Son Avatar
    Prodigal Son

    Does anyone if this new company going to belocated in the CLICO complex with same staff?

    Is the Thornhill guy, Greenverbs lacky still in a big position in CLICO?

    Does anyone know what this incompetent government is doing with the skyscaper at Collymore for which they paid 11 million dollars?

    CLICO continued to build this monster even after the company had gone belly up and a moron like Stinkliar took up 11 million taxpayers money and gave it to CLICO and the building is still there rotting away. In the mean time, Immigration officers need a safe place in which to work. Talk about a stupid set of people!

    We need a team of forensic auditors to investigate the corruption of these morons!

  17. Enuff Avatar
    Enuff

    Prodigal

    Just like how Sandals shops at Cost-u-less? #demright

  18. Fractured BLP Avatar
    Fractured BLP

    As I follow the comments of some posters on this article , I am not surprised by their rabid comments to chide the government for bring some closure to this complex insurance problem that originated outside the shores of Barbados 🇧🇧.

    But I am only listening to the members of BIPA ably led by June ” bald pooch cat 🐱 ” Fowler.

    Once auntie June and BIPA members are happy 😊….. so am I.

    David BU , on this article you are showing some BALANCE in your comments

    Keep it up

    I will get you a present 🎁

  19. Tron Avatar
    Tron

    The board of Reslife: In my dreams I see more silver Mercedes, more Miele washers and more Grohe showers around the island.

    Nothing changed since “An Act for the Abolition of Slavery”.

  20. Prodigal Son Avatar
    Prodigal Son

    Enuff

    Did you hear the dlp yardfowl who said that? dems are so delusional……….easily fooled.

    Sandals bring in everything duty free….straight from the docks to the massive warehouse in Dovers Woods where they destroyed hundreds of trees to build the building.

    I wonder where were the enviromentalists when all of that was going on……………

  21. Enuff Avatar
    Enuff

    Fractured

    I have never read such a sober comment from you. Reality kicking in?

  22. David Avatar
    David

    Where are the environmentalists also when the trees were removed from the Paradise site?

  23. Fractured BLP Avatar
    Fractured BLP

    Once auntie June and BIPA happy 😊 with RESLIFE so am I.

    Miller and the other NITWITS who fretting bout RESLIFE can go and let Prodigirl give them a bush bath !

  24. Fractured BLP Avatar
    Fractured BLP

    Enuff

    As you should be aware by now – just like you – I does fight according to my ….. mood !

    Cheers buddy 👍🏽

  25. millertheanunnaki Avatar
    millertheanunnaki

    @ Fractured BLP January 23, 2018 at 6:47 PM #
    “As I follow the comments of some posters on this article , I am not surprised by their rabid comments to chide the government for bring some closure to this complex insurance problem that originated outside the shores of Barbados…”

    Fractured, are you now telling us that your dead idol David ”I will never lie, cheat or steal” Tompie was blatantly lying when he assured Bajan investors in CLICO that their monies were safe and that that CLICO Barbados was a magnificently managed company and was totally insulated from its ‘parent’ in Trickidad?

    And to prove his confidence in the long-term viability of CLICO Barbados he took up taxpayers’ money and put it at the availability of management to facilitate the further cannibalization of the ‘local’ independent cash-cow and the milking of $3.3 million to make a law firm a laundry machine for fraud called Greenverbs.
    Now explain that to David (of BU, of course)!

  26. Enuff Avatar
    Enuff

    David

    Are you a landscape designer? Wasn’t a replanting plan part of the Paradise proposal? Any differences between Paradise trees/ecology and Casuarina?

  27. millertheanunnaki Avatar
    millertheanunnaki

    @ Fractured BLP January 23, 2018 at 6:58 PM
    “Once auntie June and BIPA happy with RESLIFE so am I.
    Miller and the other NITWITS who fretting bout RESLIFE can go and let Prodigirl give them a bush bath !”

    You also made a similar assertion about CLICO before Thompie and Greenverbs were found to be bosom buddies not only by sleeping in the same bed of depravity but also hiding in a laundry of dirty stolen money.

    We can only wish that the kind of happiness being expressed by Auntie June will be contagious and extend to the taxpayers who were promised their legally entitled refunds since 2015 with the envelopes being stuffed since 2016.

    Why not make these taxpayers happy be releasing their refunds before the election bell is rung?

    Or are you waiting to set up another company to be called ‘Rest of Your Lives in Waiting’ to issue IOU’s marked: A Promise is a Comfort to a Bajan Fool’.
    To be cashed any time after June 2018.

    BTW, talking about ‘bush-baths’, will broken you and bully(ing) Georgie Pilly be holding a séance to consult the thieving dead king lying in ground near Bath on the date of the elections the sleeping fumbling giant has in his back-pocket which you are trying to pick?

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

    A weak FSC, even weaker regulation, weak, corrupt government ministers…and any company, including Loblaws/Glenhuron can literally get away with multiple crimes in Barbados.

    http://www.cbc.ca/1.4490564

  29. Dr. Simple Simon Avatar
    Dr. Simple Simon

    @Chickens come Home to Roost January 23, 2018 at 5:00 PM

    A little birdie told me that he knows “for a certainty” that the Chairman is being paid $15,000 BDS per month, but I am not so well connected in the financial world to determine if that is standard wage, underpayment or overpayment.

    Maybe someone like Hal who knows his numbers will know the going rate.

  30. Dr. Simple Simon Avatar
    Dr. Simple Simon

    @Well Well & Cut N’ Paste At Your Service January 23, 2018 at 8:22 PM “Loblaws/Glenhuron”

    The same Loblaws that for years fixed the price of bread too high? tell me it ain’t so.
    http://www.cbc.ca/news/business/bread-price-fixing-loblaw-george-weston-sobeys-1.4463060

    Grocery giant Loblaw Cos. Ltd. has admitted to participating in a scheme to increase packaged bread prices for more than 14 years
    https://www.theglobeandmail.com/report-on-business/loblaw-parent-company-alerted-competition-watchdog-to-bread-price-fixing/article37387816/

    Tut, tut, tut. Imagine for 14 years overcharging little old ladies and other pensioners for bread, bread, the very staff of life.

    And then socking the dough away in Barbados, far, far away from the prying eyes of the Canada Revenue Agency.

  31. David Avatar
    David

    @enuff

    If memory serves trees were removed from the site and many more hatched with the plan to replace. What happened?

  32. Dr. Simple Simon Avatar
    Dr. Simple Simon

    Dear David: I don’t know about the Sandals site, but at the Paradisie site a small diverse forest, and habitat for birds, inscets, monkeys etc. was removed. Friends who live in Wanstead complained at the time that the removal of this woodland disturbed the monkey habitat and that the monkeys then moved into Wanstead and disturbed the gardens and fruits trees of the residents. This is no small matter. The trees have never been replanted, and in any event it seems that the principals decided to remove a mixed forest and replace it with palm trees. The damage done at the Paradise site has been a disgrace.

  33. Chickens come Home to Roost Avatar
    Chickens come Home to Roost

    I have to agree with Patrick King.

    Bunch of Thieves, Frauds, Whores and Bullshitters.

    Bajans like it so.

    Waste of free education.

  34. Pachamama Avatar
    Pachamama

    We see Mueller has a big deckie, figuratively speaking, up the shithole of Donald Trump

    That deckie is so brutally fastened that not even the fictitious god of Georgie Porgie can’t tek it out.

    Your say we can’t do nothing. Your god can’t tek out the big deckie Muller got up Donald Trump’s tail.

    And criminal christians like Perkins, Franklyn Graham, Falwell and other white racists just seeking to pimp out Trump to achieve their wicked ends. What an idiot!

    Christians are the worst people in this world. They constitute the devil himself and it is high time that their ‘big fire’ consumes them all.

    We will light the first match.

    But Trump, the man Georgie Porgie said was appointed by god, is no more than a dead man walking.

  35. Heather Cole Avatar
    Heather Cole

    I am puzzled but like everyone else I will have to wait. Will NLICO be 100% privately owned? Will it be 100% publicly owned? Will it be owned by both?
    Will this holding company be a title holding company? Would this not be a conflict of interest since government would have the right to decide to whom and under what terms and price private land is sold or used? Just asking.

  36. David Avatar
    David

    We have no reason to doubt that Chris Sinckler bought a second hand Audi from Leroy PArris a few years ago.

    We have no reason to doubt the prime minister that Parris the Executive Chairman of the defunct CLICO was a client of his.

    The optics seems muddy that this new company derives its direction/authority from the MoF and ultimately the Prime Minister.

  37. Heather Avatar
    Heather

    A holding company is a parent company that controls the assets of another company. Besides controlling the assets of CLICO does NLICO also control Reslife? Does anyone know?

  38. NorthernObserver Avatar
    NorthernObserver

    @Heather
    from clicolife.com
    “the Government of Barbados through its subsidiaries New Life Investment Company Inc. (NLICO) and ResLife,”
    I have not found anything on the relationship between NLICO and ResLife. Other than the former isn’t scheduled to begin until Feb 18/18

    Further, the Judicial Manager always seemed to be very specific in referring to “real estate assets” of Clico. [as opposed to any others]

  39. NorthernObserver Avatar
    NorthernObserver

    @Prodigal Son January 23, 2018 at 6:42 PM #
    Is the Thornhill guy, Greenverbs lacky still in a big position in CLICO?

    From the Enterprise Growth Fund Annual Report

    Mr. Thornhill is the President of Clico Holdings, Barbados Ltd.
    source…http://egfl.bb/wp-content/uploads/2017/06/Directors_Profile-1.pdf

  40. NorthernObserver Avatar
    NorthernObserver

    @heather
    “does NLICO also control Reslife?”
    see link…NLICO is the SOLE SHAREHOLDER of Reslife

    https://www.thebipa.net/resolution-at-last/

  41. NorthernObserver Avatar
    NorthernObserver

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

    the person worked for Clico for 4 MONTHS in 1998, during which time, the legal findings state he “breached an employment contract”
    https://www.winnfm.com/business/19608-former-insurance-executive-ordered-to-pay-clico

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

    “Tut, tut, tut. Imagine for 14 years overcharging little old ladies and other pensioners for bread, bread, the very staff of life.

    And then socking the dough away in Barbados, far, far away from the prying eyes of the Canada Revenue Agency.”

    Loblaws robbed everyone, youshouldd see the price of their meatdps, one has to be very careful when shopping there and always look out for red dot sales.

    Then the foolish ass black governments are pretending they do not know why they end up on a blacklist and are responsible for their own stupidity.

    ,.. white companies steal from their own governments worldwide then the asses in the Caribbean allow them to hide their stolen money in Barbados and other islands for free, since in doing so, these jackasses for black leaders also relegate their own people to not being able to buy bread.

    Just look how much Loblaw money hides from Canada Revenue, then look at the condition of Barbados.

    Government ministers should be arrested and charged for the stupid house negros they are, any white company can rob the island….aided by these fools.

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

    NILCO is already a conflict of interest, the government does not know how to manage anything without conflicts of interest.

  44. Hal Austin Avatar
    Hal Austin

    Dr. Simple Simon January 23, 2018 at 8:23 PM #

    A little birdie told me that he knows “for a certainty” that the Chairman is being paid $15,000 BDS per month, but I am not so well connected in the financial world to determine if that is standard wage, underpayment or overpayment.
    Maybe someone like Hal who knows his numbers will know the going rate.(Quote)

    Thanks for the compliment, but this discussion with our ACCA-qualified and insurance experts is far beyond me.
    What I would venture is that this is typically the level of discussion we get on this blog about serious business and financial issues. The people who pay the final price are ordinary people who look to their educated sons and daughters to lead them.

  45. millertheanunnaki Avatar
    millertheanunnaki

    @ David January 23, 2018 at 5:31 PM #
    “That was s not a strategy!
    While the matter is bogged downs an in our moribund court system the cows will be starving to use your analogy.”

    David, you have raised a rather interesting issue about the BLP’s alternative strategy with respect to the CLICO resolution and we have noted your justified criticism of state of Justice in Barbados.

    However, we are prepared to posit that the chances of this Res Life and New Life making it in the modern world of financial services is next to zero.

    You would agree that the kind of business of selling financial products requires an environment in which the oxygen needed to survive and prosper is made up of ‘pure’ confidence not only to be exhaled by the customers (especially potential buyers) but also to be inhaled by other players in the same business environment.

    How many Barbadians would be prepared to risk their savings in buying insurance and other financial products given the burning and suffering which their compatriots have endured for the past 10 years and with the likes of Trade Confirmers still a haunting memory in the broken hearts (and pockets) of some?

    The so-called smart Bajans will NOT be investing another of their soon-to-be-devalued dollar in any venture linked to CLICO unless the light of Justice needed to grow that tree to produce the oxygen of confidence is spotted on those who have directly contributed to the fouling of the air of insurance and pensions investments and savings (deferred gratification).

    Until some people are made examples of the Bajan equivalent of Madoff and Stanford any financial services business tainted in any form with CLICO will always be seen as a financial pariah and its salespeople (the face of that business) treated by the investing public ‘persona non grata’.

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

    No one should purchase anything from these 2 scam companies.

  47. Bush Tea Avatar
    Bush Tea

    Well said again Miller.

    Unless the government is going to lock some CLICO people to RH up….
    Bushie don’t want to hear one shiite about any ‘new’ arrangements.

    Similarly,
    unless candidates are committed to locking some of these DLP scamps to RH up ….
    Bushie don’t want to hear one shiite about giving them any votes….

    …think the bushman born last year?

  48. Hal Austin Avatar
    Hal Austin

    Steve Mnuchin, the US Treasury secretary, has claimed a weaker dollar is good for the US. Is a weaker dollar good for Barbados, or is this the point to de-couple?

  49. NorthernObserver Avatar
    NorthernObserver

    On Loblaw….
    “The announcement was made after confidential court filings from an investigation by the Competition Bureau were made available to the companies early on Tuesday. The filings are still sealed to the general public so information on the case and those involved is limited. What we know is that from late 2001 to March 2015 there was an “industry-wide arrangement” in which “the participants regularly increased prices on a coordinated basis.” According to the statement, the arrangement included Loblaws, the Weston Bakeries division of G.W., other major grocers and one other wholesale bakery. Loblaws and Weston reportedly alerted the Competition Bureau of the anti-competition scheme in 2015, prompting the investigation.

    In return for their tip and full cooperation, the companies will receive immunity, although employees involved in the scheme have been terminated and may receive “criminal charges or penalties” as authorities see fit. The Competition Bureau says, however, that charges of price-fixing are particularly difficult to substantiate.”

    To FIX prices, you essentially need the buy-in of many. Loblaw is one of several. Even those bakers who claim no involvement, likely moved their prices as the market moved? They can afford to claim ‘no knowledge or involvement’, because proof in such cases is difficult.

    The biggest price fixers in Canada are public bodies or industry associations (aka marketing boards). Does anybody believe alcohol prices wouldn’t be lower if LCBO/SAQ etc were not involved? Milk, cheese, eggs all controlled. (see canadian Dairy Commission).

    The chocolate bar price fixing spent years in court and fizzled
    https://www.thestar.com/business/2015/11/18/hersheys-only-firm-convicted-in-chocolate-price-fixing-probe.html

    We know they fix prices in Construction. We are told with accuracy days before, the retail gas price….do we think every gas station hires spies, or do they talk?

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

    re Loblaws and the thousands of other companies hiding billions of dollars on the iisland from their countries tax agencies….the Barbados governments are the cheapest whores in town….they only charge 1.5 percent to sell their tails, common class and worth nothing.

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