Feb 2008 Financial News

SFC - Acquisition regional insurance business

Feb 06, 2008

Sagicor Financial Corporation has informed the Exchange that Sagicor Capital Life Insurance Company Limited (Sagicor Capital Life), a subsidiary of Sagicor Life Inc (Sagicor Life) has acquired from the Canadian company, Industrial Alliance Insurance and Financial Services Inc. (IA), insurance business in Aruba, Barbados, Bonaire, Cayman Islands, Curacao and St. Maarten, which was previously owned by The National Life Assurance Company of Canada before that company’s business operations were combined with the business operations of IA in 2005.

Sagicor Capital Life received all the regulatory approvals for the acquisition of this portfolio. However, the business in Barbados and Cayman Islands has in turn, been assigned to other Sagicor Group entities.

The acquisition of the portfolio represents an increase of 56% to Sagicor Capital Life’s policy count which will be increased to just over 25,000 policies. For Curacao and Aruba it represents increases of 64% and 182% respectively to their blocks of business.

Commenting on the acquisition, Dr. Patricia Downes-Grant, President and CEO of Sagicor Capital Life Insurance Company Limited said,
“The acquisition is in keeping with the strategy of the Sagicor Group to create a leading financial services company which provides world class products and services to our customers. One of the elements of the strategy is expansion internationally and in the Caribbean. This acquisition is in keeping with that strategy as we increase our Sagicor Capital Life portfolio.”


Source:
The Trinidad and Tobago Stock Exchange
Wednesday February 6, 2008