Wilton Re has announced that it has entered an agreement to sell Toronto-based life insurance company ivari to Sagicor.
Ivari is one of Canada’s leading individual life insurance providers, with assets under management totalling $11bn in 2021. Wilton Re acquired the operations of ivari in 2015.
Dmitri Ponomarev, CEO of Wilton Re, commented on the sale, stating: “ivari has been a great investment for Wilton Re over the past seven years. Under Sagicor’s ownership, we are confident that ivari and its management team will continue to grow in the Canadian market.”
“This transaction will allow Wilton Re to focus more on its administrative reinsurance strategy and clients.”
Mike Greer, the Chair of the ivari board and the Co-Head of Business Development at Wilton Re, added, “On behalf of Wilton Re, I’d like to thank Todd Lawrence, CEO of ivari, the ivari management team, and all the employees for their hard work and partnership over the past seven years.”
“Wilton Re and ivari management have worked closely together and the business is stronger today thanks to management’s hard work and diligent execution on a variety of strategic initiatives.”
Sam Blaichman, Managing Director and Head of North America, Direct Private Equity, Canada Pension Plan Investment Board (CPP Investments), also commented, saying, “This transaction is a continuation of Wilton Re’s efforts to evolve its business and provide life insurers with customized solutions to meet their capital needs.
“Over the last eight years of our investment, the company has produced innovative solutions for clients and deployed capital successfully and we look forward to the next chapter of the company’s growth.”
The sale to Sagicor is subject to regulatory approval and other customary conditions and is expected to close in early 2023.
Wells Fargo Securities, Goldman Sachs & Co. LLC, Torys LLP, and Debevoise & Plimpton LLP acted as advisors to Wilton Re on the transaction.
