Trinidad and Tobago (T&T) is being asked once again to take engage in talks as it relates to the loss incurred by residents of the Organisation of Eastern Caribbean States (OECS) due to the collapse of the Colonial Life Insurance Company (Trinidad) Limited (CLICO), and the British American Insurance Company (BAICO).
“…constructive conversations- and I will be sending a communication to Kamla [Persad-Bissessar] and for us to arrange sometime to have a meeting…”, Prime Minister Dr. Ralph Gonsalves said at a press briefing on Friday July 11, 2025.
He said the willingness to engage in constructive talks surrounding the approximately EC 1.6 billion loss is there, and noted that during Persad-Bissessar’s first tenure in office as Prime Minister, an agreement was made wherein T&T would compensate the OECS for the losses incurred from the collapse of CLICO and BAICO.
However, when the change in government took place, this agreement was not fulfilled. Dr Gonsalves pointed out that while the Persad-Bissessar administration made an initial payment of $36 million, the Keith Rowley administration which succeeded her, did not contribute further to the compensation fund.
He said now that Persad-Bissessar has once again taken over the reigns of governance in T&T, he has spoken to that country’s Foreign Minister, and Trinidad and Tobago is open to engaging in a constructive manner.
Dr Gonsalves said he is hopeful that they can re-open the discussions that were set in motion under the first Persad-Bissessar administration.
Around 2008, both CLICO and BAICO began experiencing serious financial issues as they were heavily involved in high-risk investments, including speculative real estate ventures.
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