Sagicor Financial Corporation

Sagicor Financial Corporation
Publicly Owned
Industry Financial services
Genre Financial Services
Headquarters Barbados
Area served
 Latin America & the Caribbean
Key people
 Dodridge Miller, chairman and CEO
Richard M. Kellman, Chief Operating Officer
Services Wealth management, Insurance, Commercial Banking
Increase US$39.3 million (as at September 30, 2013)[1]
Total assets Increase US$5.78 billion (as at September 30, 2013)
Divisions Sagicor Group Jamaica
Sagicor Panama
Sagicor Capital Life
Website www.sagicor.com

Sagicor Financial Corporation, traded as BSE: SFC LSE: SFI, offers a range of financial services to the Caribbean region and other countries, including insurance, annuities, pensions, banking, and investment and card processing services.[2]

Its Sagicor Life Inc segment offers life and health insurance, annuities, and pension investment administration services in Barbados, Eastern Caribbean, Bahamas, Central America, and Trinidad and Tobago.

The company’s Sagicor Group Jamaica subsidiary [3] offers financial services (life and health insurance, annuities, pension administration services, commercial and investment banking) in Jamaica and the Cayman Islands. It also engages in insurance brokerage and holding, captive insurance management services, real estate rental and sales, and property management.

Its Sagicor Life USA segment provides life insurance and annuities in the United States.

Sagicor Financial Corporation is also involved in the loan and lease financing, deposit taking, farming and real estate development, and mutual fund businesses.

Sagicor Financial Corporation has a history dating back to 1840 and currently operates in 22 countries in the Caribbean, Latin America, the United Kingdom and the United States.

History

In 1849, Barbados Mutual Life Assurance Society was established and for fifty branches of the organization were opened in St Vincent, Trinidad and Tobago, Grenada, St Kitts, Antigua, Montserrat, Jamaica and Guyana. After over 150 years of operations throughout the Caribbean, the Barbados Mutual Life Assurance Society acquired interest in, and established a number of companies including, Mutual Bank of the Caribbean, Capital International Management Service and Island Life in Jamaica.[4]

In 2002, the Barbados Mutual Life Assurance Society was resolved and converted to Sagicor Life Inc and established, Sagicor Financial Corporation, which became the company's holding company. Sagicor FInancial Corporation was listed on the Barbados Stock Exchange in 2003 and in 2004, the company was listed on the Trinidad & Tobago Stock Exchange.

The company had a successful US$150 million bond offering on the US market, in 2006 and Sagicor Life Inc was assigned a Standard and Poor’s (S&P) financial strength rating of “BBB+”.

In 2007, Sagicor was listed on the London Stock Exchange and the company established Sagicor Europe Ltd.

In 2008, Sagicor Financial Corporation, rebranded it's insurance company, Life of Jamaica, to Sagicor Life Jamaica Limited. In addition, the company was listed on the Jamaica Stock Exchange.

In 2014, the Royal Bank of Canada decided to cut its losses in Jamaica and sold its Jamaican banking assets to Sagicor Group Jamaica Ltd.[5][6]

Affiliated companies

Sagicor Financial (Formerly Life of Barbados) building along the ABC Highway.

Sagicor Financial Corporation comprises several affiliated companies:

See also

References

  1. ↑ "Sagicor Quarterly Report September 2013" (PDF).
  2. ↑ "Sagicor Financial Corporation Business Overview".
  3. ↑ "Sagicor Group Jamaica Corporate Profile".
  4. ↑ "Sagicor History Timeline" (PDF).
  5. ↑ "Sagicor Tipped To Buy RBC Jamaica - Deal Would Vault Sagicor Bank To No. 3".
  6. ↑ "Sagicor Buying RBC Jamaica".
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