PM Browne Seeks Renewed Talks with Trinidad on CLICO/BAICO Compensation

Prime Minister Gaston Browne says he hopes to hold bilateral discussions early this year with Trinidad and Tobago Prime Minister Kamla Persad-Bissessar to secure long-outstanding compensation owed to former CLICO and BAICO policyholders across the region.

Browne, speaking in an interview with state media, said the issue remains a major concern for hundreds of affected residents in Antigua and Barbuda and thousands more throughout the OECS who lost investments following the collapse of Colonial Life Insurance Company (CLICO) and British American Insurance Company (BAICO) more than a decade ago.

The Government of Trinidad and Tobago had previously committed US$100 million toward a regional relief initiative.

However, Browne noted that only 40 percent of that sum has been paid to date.

“With the commitment that was made, we still have a significant amount outstanding,” Browne stated. “On the basis that she attends, I will certainly ask for bilateral discussions with her on how we go about settling the money which she had pledged several years ago.”

The Prime Minister said he expects to pursue the matter directly with Persad-Bissessar during the upcoming CARICOM Heads of Government Meeting in St. Kitts and Nevis scheduled for February.

Browne acknowledged that the Trinidad and Tobago government—under Persad-Bissessar’s previous administration—had demonstrated strong intent to address the matter and he is optimistic about progress.

“I am very thankful that her administration had shown seriousness about the issue in the past,” he said. “From this standpoint, I hope she remains consistent and we can bring further relief to the CLICO-BAICO situation.”

The collapse of CLICO and BAICO during the 2009 regional financial crisis left thousands of Eastern Caribbean investors facing major losses in insurance and annuity products. Several governments have since negotiated partial settlements and undertook restructuring measures, but many policyholders are still awaiting full recovery of their funds.

Prime Minister Browne has repeatedly said his government continues to advocate for affected residents and expects Trinidad and Tobago, as the home jurisdiction of the failed insurance conglomerate, to honour its commitments in full.

Regional policymakers and policyholder advocacy groups have also urged that 2025–2026 be a period of closure for the long-running financial fallout.