Sagicor reduces holdings in J'ca
Financial services group Sagicor Financial Corporation, through its subsidiary LOJ Holdings Ltd, yesterday sold 308,280,000 shares, or eight per cent, held in Sagicor Life of Jamaica Ltd.
Pan-Jamaican Investment Trust Ltd has acquired 299,519,661 shares in SLJ, and Trustee Sagicor Long Term Incentive Plan (LTI) has also purchased 7,400,000 SLJ shares.
As a result of the transactions across the Jamaica Stock Exchange, SFC's holdings in SLJ have been reduced from 59.2 per cent to 51 per cent.
Pan-Jam's interest in SLJ has increased from 24.8 per cent to 32.7 per cent.
Dodridge Miller, group president and chief executive officer of Sagicor said in a statement: "This transaction is part of a larger strategic initiative to re-balance our investment portfolio in line with the Sagicor's Group's long-term strategic plan."
In February, Sagicor Group's life insurance subsidiary operating in the US market—Sagicor Life Insurance Company (SLIC)—had reached an agreement to acquire PEMCO Life Insurance Company from its parent, PEMCO Mutual Insurance Company, of Seattle Washington.
Miller said: "The PEMCO acquisition is subject to regulatory approval and, if approved, will result in SLIC acquiring an important block of new business and new customers, with approximately 10,000 term and whole life policies and 7,500 new policyholders being added to SLIC's portfolio."
Sagicor is a provider of financial services in the Caribbean. Operating in 22 countries—including the UK, USA and Latin America—Sagicor has total assets in excess of US$5.3 billion.
It is a publicly traded company with over 37,000 shareholders and is listed on the stock exchanges of Barbados, Trinidad and Tobago and London, England.