Sagicor Financial Corporation To Be Acquired By Alignvest Acquisition II Corporation And Be Publicly-Listed On The Toronto Stock Exchange.
Sagicor Group Jamaica Limited has advised that its parent company, Sagicor Financial Corporation Limited, which has a 49.11% interest in Sagicor Group Jamaica, intends to enter into two significant transactions.
The first transaction will see the acquisition of all the shares in Scotia Jamaica Life Insurance Company Limited. This as Scotiabank Jamaica has agreed to sell its insurance subsidiary Scotia Jamaica Life Insurance Company to Sagicor.
Scotia Group Jamaica Limited (SGJ) has since advised that the Company will be selling the shares of Scotia Jamaica Life Insurance Company Limited at an agreed purchase price of US$144MM (subject to customary adjustments and assuming a pre-closing dividend of excess capital).
As part of this deal and intended partnership Scotia Group Jamaica Limited and Sagicor Financial Corporation Limited will enter into a 20-year distribution agreement through which an enhanced suite of market-leading insurance products and solutions, underwritten by Sagicor, will be offered to Scotiabank customers in Jamaica.
Scotia Group Jamaica Limited and Sagicor Group Jamaica both advised that the transactions are subject to regulatory approval and customary closing conditions.
The other transaction will see the acquisition of all Sagicor Financial Corporation Limited shares by Alignvest Acquisition II Corporation pursuant to a plan of arrangement whereby the surviving entity will continue the Sagicor brand and be publicly-listed on the Toronto Stock Exchange.
Sagicor advised that the transaction is subject to regulatory approval and customary closing conditions.