Sagicor’s intended amalgamation of two of its insurance businesses is not a done deal.
In November last year the company announced its proposed merger of Sagicor Life Inc. and Sagicor Capital Life Insurance Company Limited, saying it had notified the Financial Services Commission of the action.
As part of the wider process in the region, however, the financial institution has had to hold a series of hearings, BARBADOS BUSINESS AUTHORITY learnt.
In January, shareholders were notified that Grenada’s supervisor of insurance had ordered a hearing into the application to amalgamate the two entities. And following a similar order from Trinidad and Tobago’s Central Bank for a hearing in Port of Spain on the matter, one was held there last week.
In both instances decisions are pending.
In its published statement more than four months ago, Sagicor Life’s president and chief executive officer Dr Patricia Downes-Grant and Sagicor Capital Life’s chairman Stephen McNamara gave notice that the companies “intend to make application on or after the 20th day of December 2013, to obtain the sanction of Financial Services Commission to amalgamate . . . pursuant to the provisions of the Insurance Act.”
While Sagicor Life is the former Life of Barbados that was a part of the group from its Mutual days, Sagicor Capital was rebranded in 2004 after being bought in 1987.
