Sagicor Life Jamaica Limited has partnered with Capital and Advice SA on a new insurance business in Costa Rica.

The company will operate under the Sagicor name.

Capital & Advice is a retail and investment services company operating in Costa Rica. Each partner will hold a 50 per cent stake in Sagicor Costa Rica.

Sagicor Life said the deal has been in the making for more than two years, and that the regulatory review began back in February 2011, culminating with recent approval of the licence to operate.

"Under the terms of the agreement, Sagicor Life Jamaica will provide technical expertise and administrative services and operating systems to support the insurance operations," said Sagicor in a release.

"Capital and Advice, with its experience in banking and other financial services in Costa Rica, as well as other commercial operations will provide marketing support to the joint venture."

Sagicor said the Costa Rican deal was negotiated through its St Lucian subsidiary.

business@gleanerjm.com