Oct 2007 Financial News

Sagicor Acquires Byrne & Stacey Underwriting Ltd

Oct 05, 2007

Sagicor Syndicate Holdings Ltd (SSH) a subsidiary of Sagicor Financial Corporation, are pleased to confirm that on October 4th 2007, it completed the acquisition of 100% of the share capital of Byrne & Stacey Underwriting Ltd (BSU).

Sagicor recently acquired the Gerling at Lloyd’s Group, now Sagicor at Lloyd’s, which has been the principal capital provider of BSU since BSU started in 2000.

Gary Ross, COO of Sagicor at Lloyd’s, says:“We are delighted with this acquisition. BSU have been an important client of Gerling for the last 7 years. Through this purchase we not only secure the underwriting of the BSU book of business, but it also gives us an opportunity to develop other product lines to distribute through BSU’s 800 plus broker’s. Paul Byrne and his team will continue to operate the business from their Cheshunt base and we are all excited at the opportunities that lie ahead.”

Paul Byrne of BSU says: "The directors of BSU have worked exceptionally hard over the last 7 years to build a solid profitable business and now are the right time for a larger entity to take control and take it to the next level."

The team at Sagicor at Lloyds has many years experience in the London Market and I am looking forward to joining the Sagicor management team and taking responsibility for the development of the Group as a serious proposition in the European market place.

We will be looking to introduce new product lines for the regional market for distribution through the web technology developed by BSU technology. I am confident that the next 7 years will be just as exciting as the last 7 years.


CONTACT INFO:
Paul Marden
Sagicor at Lloyd’s
1 Great Tower Street
London EC3R 5AA
Tel: +44 20 3003-6800
Fax: +44 20 3003-6998
E-mail: paul.marden@sagicor.eu

Source:
Friday 5th October, 2007
Sagicor Financial Corporation website
www.sagicor.com