BAICO: Letter to Plan Members

November 11th, 2020

Dear BAICO Pension Plan Members:

Re: British-American Insurance Company (“BAICO”) Employee Pension Plan

This letter serves to notify you that pursuant to an Order of the Supreme Court of the Commonwealth of The Bahamas In the Matter of British American Insurance Company Limited (In Judicial Management) and In the Matter of The Insurance Act (Chapter 347 of the Statute Laws of the Commonwealth of The Bahamas), COM/com/00110 of 2009 and effective September 23rd, 2020  I, Judith G. Veira of London Road, Cane Garden, St. Vincent & the Grenadines, have been appointed by the Supreme Court of The Commonwealth of The Bahamas (“the Court”) as the Judicial Trustee (“JT”) of the assets of BAICO’s Employee Pension Plan (“the Pension Plan”). The assets of the Pension Plan shall be referred to as “the Pension Trust Assets”.

Background Information

BAICO was placed into Judicial Management by the Court on 8 September 2009 and Juan M Lopez of KPMG Restructuring Limited, 5th Floor, Montague Sterling Centre, Nassau, The Bahamas, was appointed as Judicial Manager (“JM”) on the same date.

According to an affidavit filed in the Court proceedings the JM deemed it appropriate and necessary that the Pension Trust Assets be transferred from the JM to a person independent of the BAICO Estate and that an individual trustee be assigned to receive, administer and distribute the Pension Trust Assets.

Previous Communication

Prior to the appointment of the JT, plan members would have received communication from the JM. The most recent letter sent to plan members from the JM was dated June 5th, 2019. Plan Members should refer to those prior letters for further information.

Role of the Judicial Trustee

Among the duties of the Judicial Trustee, the primary duty is to ascertain, collect, administer, and realise the Pension Trust Assets as soon as reasonably practicable between the Pension Plan Members in accordance with their individual entitlements.

All persons having a claim against the Pension Trust Assets are directed to www.trinityconsultingservice.com for information and updates on the status of the distribution of these assets to eligible Pension Plan Members or to eligible beneficiaries. Documents will be added to the website as and when there are developments and further information to be provided.

Current Contact Information of former Members

To ensure that current contact information is on file, the JT is requesting that persons send an e-mail to [email protected] with subject heading “Current Contact Information”, and a message with your legal name (include maiden and/or other names, if applicable), e-mail address and jurisdiction.

All correspondence should be addressed to:
Judith G. Veira
Judicial Trustee for BAICO’s Pension Trust Assets

Postal Address:                                                     Address:
P.O. Box 131                                                          London Road, Cane Garden
Kingstown, St. Vincent, VC 0100                  Kingstown, St. Vincent, VC 0130
E-Mail: [email protected]
Tel: 784 493 8100

A summary of the above information was also published in one of your local newspapers during the period Nov 9th to Nov 20th, 2020.

Sincerely,

Judith Veira, FSA, C. Dir.
Judicial Trustee for BAICO Pension Plan Assets