Sagicor completes US acquisition

The acquisition, valued at US$57.5 million, gives Sagicor a strong presence in the US insurance market

Sagicor was formed in 1840 as Barbados Mutual Life Assurance Society and completed its demutualisation in 2002.

Sagicor USA’s acquisition of AFL brings the Groups total assets to US$3.1 billion.

Sagicor has been in operation for more than 160 years and operates in 22 countries including the United States and Panama, with significant market presence in Jamaica, Barbados, Trinidad and the Eastern Caribbean.

The Sagicor Financial Group’s core strengths of financial stability and strong operational capabilities across diverse geographies have been the catalyst to its consistent growth and profitability and its A (Excellent) rating by AM Best Company, the world’s oldest insurance rating agency.

According to Dodridge Miller, CEO of the Sagicor Group, the acquisition of AFL is in keeping with the Groups international business strategy and "we are excited at the opportunity to compete in the large US insurance market. This acquisition will allow Sagicor to expand its operations in the growing US$3.8 trillion US marketplace."

President and CEO of Sagicor USA, Maxine MacLure noted, the company is well placed to use the combined strengths of both companies to leverage the efficient administrative capabilities of AFL and become a major player in the US middle market.

AFL is a licensed insurer in 41 states and the District of Columbia (DC), a licensed reinsurer in 45 states and DC and a third-party administrator in all 50 states. The transaction was first announced on June 3, 2005.