Sagicor Financial Corporation (SFC) has sold its European assets to an American company for £56 million.
According to the Barbados-based financial conglomerate, the deal priced Sagicor Europe Limited at £15 million, or 36 per cent above its net value at December 2012.
The sale to AmTrust Financial Services Inc is pending regulatory approval and is expected to close in the last quarter of this year.
SFC said the transaction includes its Sagicor at Lloyd's subsidiary, which owns and manages two Lloyd's syndicates for life insurance and property and casualty coverage.
CEO Dodridge Miller, said in a statement, that the sale would give the company capital to fund its growth plans.
Sagicor Financial has a policyholder base of 600,000 and operates in 22 countries. The group, which includes businesses in Jamaica, is valued at US$5.5 billion by assets.
AmTrust Financial is a 15-year-old company which sells insurance to small and mid-size businesses. It initially sold workers' compensation insurance to small businesses across the United States, but has grown into an international company through acquisitions and other means.