Oct 2005 Financial News

Sagicor intends to acquire Cayman firm

Oct 27, 2005

Life of Jamaica Ltd (LOJ), a member of the Sagicor Financial Corporation group, announced that through its subsidiary, Sagicor Life of the Cayman Islands Ltd (Sagicor Cayman), it intends to acquire a controlling interest in Cayman General Insurance Co Ltd (CGI).

LOJ’s president and CEO Richard Byles said, “We’re excited by these new business relationships with Cayman General Insurance and the Cayman National Corporation,” he said, adding, “along with the individual life products we now offer through Sagicor Cayman, it will allow us to provide property and casualty insurance as well as augment our interest in health insurance, for which we are well known in Jamaica.”

His confidence in the success of this acquisition was also due to CGI significantly strengthening its reinsurance program following hurricane Ivan. The adequacy of this programme was assessed and endorsed by international consultants.

Stuart Dack, president and CEO of Cayman National Corporation, says, “We’re delighted; our relationship with LOJ and Sagicor will go far beyond their acquisition of a majority stake in Cayman General Insurance.”

He explains that this transaction will put CGI in a position to offer clients a broader range of high-quality insurance products at competitive prices

The Trinidad Guardian
Business Guardian
Thursday, 27th October, 2005