CL Financial Group

Press Release from the Bermuda Monetary Authority that it has started winding-up proceedings against the Bermuda branch of British American Insurance Company, a Bahamian insurance company which is a majority owned subsidiary of CL Financial Group of Trinidad and Tobago (CL).

Bahamas-domiciled British American Insurance Company Ltd. and British Virgin Islands-domiciled British American Isle of Venice (BVI) Ltd. are being sued for $38 million at federal court in West Palm Beach, Florida. Details are contained in a civil complaint