Sagicor expands its US presence

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.

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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