Florida-based Sagicor Life Insurance Company has agreed to acquire PEMCO Life Insurance Company from Washington-based PEMCO Mutual Insurance Company (PEMCO).

Sagicor will buy PEMCO Life’s 10,000 term and whole life policies and 7,500 new clients.

PEMCO has decided to exit the life business to concentrate on its core business of personal lines, property-and-casualty insurance, Sagicor said.

Sagicor COO Bart Catmull said that PEMCO Life has provided quality life insurance products to the communities in the State of Washington since 1963.

"We already see the PEMCO Life policyholders as members of our Sagicor family and are looking forward to providing them with quality service for years to come," Catmull said.

The transaction is subject to approval by the Office of the Insurance Commissioner of the State of Washington.

Sagicor, a wholly owned subsidiary of Sagicor Financial Corp., has total assets of $870m and is licensed in 44 states and and the District of Columbia.