ALGICO stands strong

In an attempt to allay fears emerging from the TT financial sector, that Algico would possibly have to face a backlash from the imminent crash of the parent company, Algico managing director and chief executive officer (CEO), Mark Hansen, issued a statement late yesterday evening, stating “let me state unequivocally - ALGICO, its assets, its employees and its policy holders remain in a strong position despite whatever turbulence is affecting AIG and the US financial system.”

Hansen specified that ALGICO is firstly a TT company, “100 percent of our insurance policies are direct obligations within Trinidad and Tobago and follow strong local regulations,” he said. “We are well- capitalised and financially solid, 90 percent of our investment portfolio is based in Trinidad and Tobago with the remaining ten percent in the European market.” Hansen also assured that about 80 percent of local investments were invested in TT Government securities while the remaining 20 percent were invested local real estate and bank deposits.