Martinelli's Nephew In The Insurance Industry - Linked to British American Failure
Thursday, June 17 2010 @ 11:44 AM EDT
Contributed by: Don Winner
Editor's Comment: There are (or were) several other insurance companies in Panama exploring the possibility of assuming all of British American's customers in one fell swoop. The first company to come forward with such and offer was World Wide Medical. I imagine there are all kinds of back room negotiations taking place. As pointed out in this article, the relatively young and healthy British American customers won't have any problem getting picked up by a new insurance company. The only ones who are absolutely screwed are the older and sick customers who now find themselves without insurance, and basically uninsurable due to preexisting conditions. The fact that (apparently) one of Martinelli's nephews is in the insurance business is most likely insignificant. I have not heard one word from the people behind British American of protest, saying they are getting screwed over, or anything like that. Rather, they have been silent, and it seems more like they were caught with their hand in the cookie jar with the transfer of the $10 million dollar bond out of the country. Again, let's see how this all spins out over time.