Jul 2013 Financial News

Sagicor Financial Corporation Enters Into Agreement to Sell Sagicor Europe Limited Group to AmTrust Financials Services, Inc.

Jul 30, 2013

July 29, 2013

Sagicor Financial Corporation (“Sagicor” or “the Company”) has announced that the Company has entered into an agreement to sell Sagicor Europe Limited (“SEL”) and its subsidiaries, which include Sagicor at Lloyd’s Limited (“SAL”), to AmTrust Financial Services, Inc for approximately GBP56 million, which is GBP15 million above SEL’s net asset value as of December 31, 2012. SAL is the managing agent and owner of Lloyd’s property/casualty insurance syndicate 1206 with stamp capacity of £200 million and life insurance syndicate 44 with stamp capacity of £7 million. SEL is a Cayman Islands domiciled holding company and the sale also includes a reinsurance entity and two Lloyd’s corporate members. The transaction is expected to close in the fourth quarter of 2013, pending regulatory and other necessary approvals.

“Sagicor entered into this sales process to enable SAL to have access to more capital to fund its business growth.” said SFC President and CEO, Dodridge Miller. “We believe this transaction will be beneficial to our shareholders.”

About Sagicor Financial Corporation

Sagicor is a leading provider of financial services in the Caribbean. Operating in 22 countries, including the UK, USA and Latin America, Sagicor has total assets in excess of US$5.5 billion. The Sagicor Group offers a wide range of products and services including life insurance, annuities and group and individual health and has a policyholder base of approximately 600,000. Sagicor is a widely-held publicly-traded company with over 37,000 Shareholders, and is listed on the stock exchanges of Barbados, Trinidad and Tobago and London.

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Contact
Mrs Melba Smith
Vice President, Corporate Communications
Sagicor Financial Corporation
Email: melba_smith@sagicor.com
Tel: 246 467 7500


Source:
The Trinidad and Tobago Stock Exchange Limited
Tuesday July 30, 2013