Financial services firm Sagicor plans to set up a Bermuda-domiciled reinsurer as a next step after the firm relocated its holding company from Barbados to Bermuda last year, according to an International Monetary Fund (IMF) report.
The Barbados-based Sagicor Life is the largest operating entity of the Sagicor group and is currently regulated by the Financial Services Commission.
However, the new reinsurance operation is expected to move the firm’s home supervision responsibility from Barbados to Bermuda, the Caribbean360 reported.
The draft report by the IMF team of Ralph Lewars, Lawrie Savage and Rodolfo Wehrhahn, stated; “during the mission team’s discussion with the senior management team at Sagicor, we were advised of plans to establish a reinsurance operation in Bermuda, and of the company’s request to the Bermuda Monetary Authority (BMA) to be the agency responsible for group-wide supervision.”
The Caribbean360 noted that with total assets at over $13 billion, the firm’s value equates to about half of Barbados’ gross domestic product.
The Sagicor group offers a range of services across insurance and financial investment services and operates through over 50 subsidiaries across the globe.
