By NEIL HARTNELL

Tribune Business Editor

COLINA General Insurance Agency had an almost-$2 million balance sheet solvency deficiency when it was acquired by its sister company, BISX-listed Colina Holdings (Bahamas), in early December 2011 for just $1, Tribune Business can reveal.

The latter's audited financial statements for the 12 months to end-December 2011, which have been reviewed by this newspaper, reveal that at the acquisition date of December 1, Colina General Insurance Agency was suffering a $1.99 million net asset deficiency.

As of that date, the agency, which issues property and casualty policies for Bahamas-based underwriters on a commission basis, had some $3.484 million worth of ...

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