The day af­ter he an­nounced the Gov­ern­ment's plan to sell 49 per cent of Cli­co, Min­is­ter of Fi­nance, Colm Im­bert, nom­i­nat­ed four new di­rec­tors to the board of the in­sur­ance com­pa­ny in his ca­pac­i­ty as Cor­po­ra­tion Sole.

Cli­co post­ed the new di­rec­tors on its web­site yes­ter­day, stat­ing that the ap­point­ments were with ef­fect from Oc­to­ber 1, 2024.

The new di­rec­tors are:

* Na­dia James-Reyes Ti­neo—group le­gal coun­sel and com­pa­ny sec­re­tary at pub­licly list­ed Agos­ti­ni's Ltd;

* Nadi­ra Ly­der—project im­ple­men­ta­tion ad­vi­sor at the Min­istry of Fi­nance;

* Stephen Tang Nian—chair­man of the Gam­bling (Gam­ing and Bet­ting) Con­trol Com­mis­sion; and

* Troy Gar­cia— CEO of Parts World and di­rec­tor of the First Cit­i­zens Group.

In the post on its web­site, Cli­co said the four di­rec­tors were ap­point­ed by the share­hold­ers of the com­pa­ny, who are CL Fi­nan­cial (in liq­ui­da­tion) and Cor­po­ra­tion Sole, the le­gal en­ti­ty in which state as­sets are held.

The di­rec­tors joined the five ex­ist­ing Cli­co di­rec­tors, who are Jen­nifer Fred­er­ick (chair), San­dra Ku­mar-Camp­bell, Roger McLean, Er­ic Baron and Janet Richards, ac­cord­ing to the no­tice on the in­sur­ance com­pa­ny's web­site. They were ap­point­ed by the liq­uida­tors of CL Fi­nan­cial, which owns 51 per cent of the in­sur­ance com­pa­ny, on No­vem­ber 11, 2023.

In a news re­lease an­nounc­ing the ap­point­ment of the five di­rec­tors 11 months ago, Cli­co said said ad­di­tion­al di­rec­tors were to be ap­point­ed to the in­sur­er’s board by its oth­er main share­hold­er, Cor­po­ra­tion Sole, at a sub­se­quent meet­ing.

In its au­dit­ed fi­nan­cials for the fi­nan­cial year end­ed De­cem­ber 31, 2023, Cli­co is record­ed as hav­ing to­tal as­sets of $12.01 bil­lion, ac­cu­mu­lat­ed re­serves of $3.18 bil­lion. The com­pa­ny de­clared af­ter-tax prof­it of $2.30 bil­lion, based pri­mar­i­ly on the $1.99 bil­lion gain on the dis­pos­al of its sub­sidiary, Methanol Hold­ings In­ter­na­tion­al Ltd.

In de­liv­er­ing the 2025 bud­get on Mon­day, Im­bert said the Gov­ern­ment was sell­ing its 49 per cent share­hold­ing in Cli­co be­cause the in­sur­ance com­pa­ny "is no longer con­sid­ered to be of strate­gic im­por­tance to the Gov­ern­ment and its di­vest­ment will earn sev­er­al bil­lion dol­lars in rev­enue for the Gov­ern­ment, to see us through the fi­nan­cial dif­fi­cul­ties of the next few years."