ICBL shareholders unable to trade

by SHAWN CUMBERBATCH

shawncumberbatch@nationnews.com

INSURANCE CORPORATION OF BARBADOS LIMITED (ICBL) shareholders have started 2026 unable to trade their stock on the local securities market.

Last year ended with the Barbados Stock Exchange Inc. (BSE) announcing that “trading in the security [ICBL] was suspended at the close of trading on the board of the BSE today, December 31, 2025, pursuant to Rule 3.01.5 1(a) and (b) of the Rules of the [BSE]”.

ICBL has since told its shareholders that the suspension resulted from its failure to submit the 2024 annual report by December 31, and it committed to doing so on or before January 31.

Share price

Information from the BSE showed that as of Tuesday, ICBL had 39 196 812 shares valued at $77.2 million, with a share price of $1.97, listed on the Regular Market. The insurer’s stock was last traded on December 17.

Rule 3.01.5 of the BSE deals with the suspension of trading and delisting of securities. ICBL’s stock was suspended under the following: (1) The Exchange may at any time in its discretion, suspend trading in a listed security if the board is satisfied in respect of the security, that: (a) there has been a failure to comply with any of the terms and conditions of its listing agreement; (b) there has been a failure to comply with any of the Exchange requirements.

In a January 2 notice, ICBL advised shareholders and the investing public of the BSE suspension and why it occurred.

“The suspension arises solely as a result of the delayed submission of the company’s 2024 annual report by December 31, 2025. The delay in submission is purely administrative and has no impact on the company’s underlying financial condition, solvency or ongoing operations,” it stated on its website.

“The company confirms that it has completed, published and submitted a copy of its audited financial statements for the year ended 2024 to the BSE on December 29, 2025.

“Our audited 2024 financials were published in the press on the 31st December, 2025, and our unaudited third quarter (September 2025) financials were published on our website, reaffirming the company’s strong operating performance and healthy capital position.”

ICBL added: “We further wish to assure shareholders and the market that the annual report is in the final stages of completion. The board of directors and management have taken all necessary steps to expedite its finalisation.

“The company is committed to submitting the outstanding annual report to the [BSE] on or before 31st January, 2026. ICBL regrets any inconvenience caused to shareholders and the investing public, and reaffirms its commitment to timely disclosure, transparency and the highest standards of corporate governance.”

In the most recent financials for the period ended September 30, ICBL chairman Joe Poulin reported that “the past two years have been marked by significant transition and resilience for the company as we continue to navigate the complexities associated with the adoption of IFRS 17, a new Financial Reporting Standard”.

Net income

He added that ICBL recorded $10.6 million in net income during the period, calling it “a remarkable 35 per cent improvement compared to the same nine-month period in 2024”.

While ICBL’s shares have been suspended from trading, Section 2 of BSE’ Rule 3.01.5 states that the company “remains subject to all Exchange requirements”.

A company whose securities are suspended from trading “must remedy all of the conditions which resulted in the suspension and must meet the Exchange requirements for original listing, in order to be considered for reinstatement of trading privileges”.

The BSE rules also state that “securities which have been suspended from trading for a period of one year and which have not been approved for reinstatement by the Exchange, may be delisted by the Financial Services Commission as per Section 38(1) of the [Securities] Act”. It is the listed company’s “responsibility to obtain the Exchange’s approval for reinstatement of trading privileges within this time period”.

PRESIDENT The Most Honourable Jeffrey Bostic chatting with centenarian Doreen Cummins.

(Picture by Gercine Carter.)