Life insurance policyholders of the wound-up Bermuda branch of British American Insurance Company are starting to get some money back.

The money relates to refunds of premiums paid in by policyholders since the provisional liquidation process started on July 29 last year.

Mike Morrison, of KPMG Advisory, agents for the Official Receiver, said the money amounted to $2.5 million. Cheques are ready for policyholders to pick up from the British American building at 133 Front Street, between 9 a.m. and 4 p.m., Monday to Friday.

Any policyholder going to pick up a cheque is urged to bring proof of identity.

Policyholders were encouraged to keep paying their premiums after the winding up process began, to ensure they remained in full force in the event that an alternative life insurer could be found to take them on.

That did not prove possible and so BAICO's Bermuda branch went into full liquidation in September this year.

Policyholders and creditors will receive a distribution representing a percentage of an ascribed value of their policy by means of a Scheme of Arrangement.

Mr. Morrison said the terms are expected to be announced soon.

For those unable for medical reasons to pick up their cheque themselves, or for more information, contact the British American hotline on 294-2651 or via e-mail at infoba@kpmg.bm. Further information can also be found at www.kpmg.bm/ba.