Thu | Jul 18, 2019

Sagicor seeks to reassure customers

Published:Monday | December 24, 2018 | 9:14 AM
File photo.

BRIDGETOWN, Barbados, CMC – Sagicor Financial Corporation is seeking to reassure Caribbean customers that the move by the Canadian-based, Alignvest, to take over its operations will not adversely impact its business in the region and North America.

Sagicor recently announced that it had agreed to sell its shares, valued at US$536 million, to the special purpose acquisition firm Alignvest Acquisition II Corporation.

“While this (transaction) is an important step for Sagicor, it has no impact on any of our operations either in the Caribbean or the United States. Your local executive team will continue to lead the company and your Sagicor policies, contracts, customer service representatives and financial advisors will remain unchanged,” said Dodridge Miller, the company’s president and chief executive officer.

“This transaction will make our already strong competitive position even stronger, as we continue to focus on our objective of being the ‘insurer of choice’ in the regions where we operate. Sagicor remains fully committed to the region, and having been your financial partner for over 175 years, we are looking forward to continuing this journey with you,” he added.

Once this deal is approved, Sagicor will delist from the stock exchanges of Barbados, Trinidad and Tobago and London and list on the Toronto Stock Exchange and Miller said in his statement that the company remains committed to creating value for its customers and shareholders.

He said subject to shareholder and regulatory approvals, the transaction is expected to close by the second quarter of 2019.

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