Increasing its reach in the US life market,
Barbados insurer Sagicor Financial Corporation’s US unit Sagicor
Life is to acquire PEMCO Life from PEMCO Mutual, a Washington
statebased company focused on general insurance.
Under the deal, Sagicor Life will acquire
10,000 term and whole life policies and 7,500 new clients.
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Sagicor Financial entered the US market in
2005 through the acquisition of American Founders Life which it
renamed Sagicor Life.
With total assets of $870m and $1.8bn of
in-force business, Sagicor Life is licenced in 44 states and the
District of Columbia. Founded in 1840, Sagicor Financial has a
presence in 20 countries in the Caribbean region and Latin
America.
In 2011, World Bank unit, the International
Finance Corporation, announced that it would invest up to $100m in
Sagicor Financial, its largest-ever investment in the insurance
industry.
Sagicor Financial reports total assets of
$4.5bn.
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