Carribbean life insurer Sagicor has reportedly acquired insurance provider Gerling, through its subsidiary Sagicor Europe, from the Lloyd's Group.

Under the terms of the deal, the transaction will cover the managing agency, Syndicate 1206, Gerling’s capital provider and its service company. At present, the Syndicate has a capacity of GBP60.25 million and specializes in short-term insurance businesses, Post Online revealed.

Financial terms of the sale remain undisclosed; however, AFX News reported that the total purchase price amounted to around GBP2.5 million, citing sources close to the situation.

Cited in Post Online, Dodridge Miller, Sagicor president and CEO of Sagicor Financial Corporation, said: This is our first acquisition in Europe since obtaining a secondary listing on the London Stock Exchange and this extends our operating base to the important London market, which is in line with our international business strategy.