An agreement with Sagicor Financial Company Limited will see Sagicor Life Incorporated and Sagicor Group Jamaica Limited merge under a single Caribbean holding structure: the Sagicor Group Caribbean (SGC).
The company made the announcement on Tuesday.
The merger, which remains subject to regulatory and shareholder approval, is expected to close in 2026.
Current Director and former Chief Executive Officer of Sagicor Financial, Dodridge Miller, will be nominated Chairman of the newly created holding company, Sagicor Group Caribbean, and Christopher Zacca will serve as CEO, while Robert Trestrail will continue as President and CEO of Sagicor Life.
Group President and CEO of Sagicor Financial, Andre Mousseau, said that once the transaction is completed, new investors who wish to participate in its growth in the Caribbean on a concentrated basis will be able to buy shares in the new Sagicor Group Caribbean.
“What is being combined are the two subsidiaries, which are Sagicor Group Jamaica, which is publicly listed in Jamaica, of which Sagicor Financial owns 49%. That company is being combined with Sagicor Life Inc. of the Southern Caribbean, of which Sagicor Financial currently owns 100%, and when the transaction is finished, Sagicor Financial Company, we anticipate, will own approximately 55% of the combined company.”
The company assured that there will be no immediate changes to roles, service channels, policies, benefits, or client interactions.
According to President and CEO of Sagicor Group Jamaica, Christopher Zacca, this will strengthen the company’s competitive position.
“A larger-scale organisation would allow technological advances at a much more rapid rate, our clients will be better served, we’ll be more seamless, and our internal processes will be improved, and that to us will allow us to take a larger market share both in Jamaica as well as the rest of the Caribbean.”