Sagicor Capital Life Insurance Company has acquired insurance businesses of Industrial Alliance Insurance and Financial Services, in Aruba, Barbados, Bonaire, Cayman Islands, Curacao and St Maarten.
Sagicor Capital Life has 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.
Patricia Downes-Grant, president and CEO of Sagicor Capital Life Insurance Company, 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.