Sagicor Financial Corporation (SFC), through its subsidiary LOJ Holdings Limited, has sold 308 280 000 shares in Sagicor Life of Jamaica Limited (SLJ).
Pan-Jamaican Investment Trust Limited (Pan-Jam) has acquired 299 519 661 shares in SLJ, and Trustee Sagicor Long Term Incentive Plan (LTI) has also purchased 7 400 000 SLJ shares.
As a result of the transactions across the Jamaica Stock Exchange, SFC’s holdings in SLJ have been reduced from 59.2 per cent to 51.0 per cent. Pan-Jam’s interest in SLJ has increased from 24.8 per cent to 32.7 per cent.
Commenting on the transaction, SFC group president and chief executive officer Dodridge Miller said: “This transaction is part of a larger strategic initiative to rebalance our investment portfolio in line with the Sagicor Group’s long-term strategic plan.”
He further indicated that in February 2012, Sagicor Group’s life insurance subsidiary operating in the United States market – Sagicor Life Insurance Company (SLIC) – had reached an agreement to acquire PEMCO Life Insurance Company from its parent, PEMCO Mutual Insurance Company of Seattle, Washington.
The SFC CEO said the PEMCO acquisition was subject to regulatory approval and if approved, will result in SLIC acquiring an important block of new business and new customers, with approximately 10 000 term and whole life policies and 7 500 new policyholders being added to SLIC’s portfolio.
According to Stephen Facey, president and CEO of Pan-Jam, “Our investment in SLJ has performed well for us and we believe it has a good future. We are happy to have an increased stake in the Sagicor Jamaica Group.”
SFC has been busy as in April this year, Sagicor Life Inc. (SLI) and Sagicor General Insurance Inc. acquired the health insurance and property portfolios of British American Insurance (BAICO) in Barbados, respectively. SLI was also named the preferred provider of BAICO’s 17 500 life insurance policies in the Eastern Caribbean.
In pointing out the future direction of SFC, Miller was optimistic that “These transactions all form part of a rationalization of the Group’s regional and international holdings as we seek to enhance long-term profitability and optimize our capital structure.”
Sagicor is a leading provider of financial services in the Caribbean. Operating in 22 countries, including Britain, the United States and Latin America, Sagicor has total assets in excess of US$5.3 billion.
The Sagicor Group offers a wide range of products and services, including life insurance, annuities, group and individual health, and has a policyholder base of approximately 600 000.
Sagicor is a widely held, publicly traded company with over 37 000 shareholders and is listed on the Barbados, London, and Trinidad and Tobago stock exchanges. (PR/NB)
