(Trinidad Express) The country’s largest insurance company is about to become potentially one of the State’s most lucrative and far-reaching assets. Cabinet has approved the transfer of about $8 billion worth of insurance giant’s CLICO’s pro¬fitable business to a new company called Atrius which will be 100 per cent owned by the State, sources close to the transfer decision confirmed to the Express yesterday. The decision to absorb CLICO’s “book of good insurance business only” comes even as the Finance and General Purposes Committee continues to discuss a letter of intent hammered out by the Ministry of Finance and CL Financial’s 400 shareholders, which envisions taxpayers will recover the more than $20 billion Government has injected since 2009 to keep CL subsidiary CLICO and other companies afloat, sources close to the transfer arrangement disclosed yesterday
