Sagicor Life Insurance has completed acquisition of Washington-based PEMCO Life Insurance including addition of the latter’s 7,500 policyholders to its existing 60,000 holders, further boosting an aim to improve the communities in which they operate.

Sagicor USA’s chief operating officer Bart Catmull said, "We look forward to providing high quality service to our newest family members for many years to come, as we offer them ‘Wise Financial Thinking for Life’."

Following the transaction, terms and conditions of PEMCO life’s policies will remain unchanged, with insurance coverage, benefits and services being provided by Sagicor.

Since joining the Sagicor Financial in 2005, the life insurance business firm has been serving for almost 60 years and has total assets of over $930m.

The full-service life insurance company administers $1.9bn of in-force insurance business.

Sagicor USA has recently introduced simplified issue whole life and no lapse universal life insurance products intended for healthy individuals, aged between 18 and 65 years.