BARBADOS MUTUAL TO CONTROL ISLAND LIFE.
Barbados Mutual Life Assurance Society is to take controlling
interest in the ailing Jamaican company Island Life, reports CANA (September 7, 1999). The transaction, supported by FINSAC
(Jamaica's Financial Sector Adjustment Co., set up to restructure
the problem-plagued financial sector) will provide Island Life with
access to new capital. Barbados Mutual, which operates in 21
countries, earned profits of J$772 million (US$19.5 million) in 1998.
It had assets worth J$36.5 billion (US$981.9 million) at the end of
1998 and capital of J$5.8 billion (US$156.02 million).