Sagicor Life, a subsidiary of Caribbean financial services provider Sagicor, has announced the acquisition of traditional insurance portfolios from Colonial Life Insurance Company (Trinidad) Limited (CLICO) and British American Insurance Company Trinidad Limited (BAT).
The insurance policies assumed will consist of a combination of ordinary long-term life insurance policies, including universal life, whole life, and term life policies and annuities.
The deal also includes group life, health and creditor insurance policies in effect at closing, as well as certain pension-related liabilities of CLICO.
Additionally, Sagicor life will take on the reinsurance contracts and investment assets (generally Trinidad sovereign debt) to support the liabilities under the insurance policies.
Approximately US $1.2 billion of total investment assets are proposed to be acquired to offset a similar amount of actuarial liabilities which are expected to be assumed.
Dodridge Miller, Group President & CEO, Sagicor, commented on the deal: “We are pleased to welcome the policyholders to the Sagicor family and assure them of the same level of protection and service that our existing policyholders enjoy upon the completion.”
Claire Gomez-Miller, CLICO’s Executive Chairman and BAT’s Chairman, further stated: “Sagicor emerged as the preferred buyer in an open and very competitive tender process with guidance from independent global industry experts.”