Sagicor £86m richer

Sagicor’s sale of its burdensome European business is now a done deal and as a result of the transaction the Barbados-based company is £86 million richer.
The business, which has operations in the Caribbean, United States, and Latin America, made the announcement yesterday.
It said regulatory authorities in the United Kingdom and the Cayman Islands approved the sale of Sagicor Europe Limited and its subsidiaries, which include Sagicor at Lloyd’s Limited (SAL), to a wholly-owned subsidiary of AmTrust Financial Services, Inc.
SAL is the managing agent of Lloyd’s property/casualty insurance syndicate 1206, with stamp capacity of £200 million, and life insurance syndicate 44, with stamp capacity of £7 million. 
SEL is a Cayman Islands-domiciled holding company, and the sale also includes a reinsurance entity and two Lloyd’s corporate members. (SC)