Oct 2019 Financial News

SFC - Sagicor Life Inc. acquires the portfolios of Colonial Life Insurance (Trinidad) Limited and British American Insurance Co

Oct 07, 2019

Sagicor Financial Corporation Limited announced on September 30, 2019, Sagicor Life Inc. (SLI), its wholly-owned subsidiary, entered into agreements to acquire the traditional insurance portfolios (including the assumption of liabilities under the insurance policies and the acquisition of reinsurance contracts and investment assets (generally Trinidad sovereign debt) to support those liabilities) of both Colonial Life Insurance Company (Trinidad) Limited (CLICO) and British American Insurance Company (Trinidad) Limited (BAT). In addition, contracts with respect to CLICO’s pension fund administration, management and investment services operations (as well as supporting investment assets) will be acquired and assumed by SLI.

The insurance policies assumed will consist of a combination of ordinary long-term life insurance policies, including universal life, whole life and term life policies and annuities, plus group life, health and creditor insurance policies in effect as at closing. Certain pension-related liabilities of CLICO will also be assumed at closing.

Approximately US$1.2 billion of total investments assets are proposed to be acquired to offset a similar amount of actuarial liabilities which are expected to be assumed. The vendors will provide customary warranties and establish customary escrow funds at closing in case indemnifiable claims arise.


Source:
The Trinidad and Tobago Stock Exchange Limited
Monday 7th October, 2019