Jul 2016 Financial News

Hello Bermuda!: Sagicor Officially Moves Base Out of Barbados

Jul 22, 2016

BRIDGETOWN, Barbados, Friday July 22, 2016 – Barbados is no longer the home base for financial conglomerate Sagicor.

A month and a half after shareholders voted in favour of relocating its headquarters to Bermuda, the company officially made the move at the close of trading on Wednesday.

In a statement issued that day, Sagicor said the company’s name had changed from Sagicor Financial Corporation to Sagicor Financial Corporation Limited as a result of the redomiciliation. The company began trading under that name yesterday.

On June 8, shareholders approved a special resolution for Sagicor to continue as an exempted company under the laws of Bermuda and cease to exist as a company incorporated under the laws of Barbados.

The financial services provider first announced its intention to relocate its headquarters in January last year, following Standard & Poor’s downgrade of Sagicor Life’s rating from BB+ to BB-, and Sagicor Finance Limited’s US$150 million ten-year senior unsecured notes to B from BB-.

Bermuda was chosen as the new location from among three possible jurisdictions. The other two were Trinidad and Tobago and the United Kingdom.

“The continuance of the company under the laws of Bermuda should have a positive impact on the credit rating of the company without affecting its operations in our various markets,” Sagicor said in a statement after the shareholders’ vote.

However, the company has assured Barbadians that the operations in the country would continue as normal.

Source:
Caribbean360
Friday July 22, 2016

http://www.caribbean360.com/business/goodbye-bim-hello-bermuda-sagicor-officially-moves-barbados