Sagicor Financial Company Gets Green Light To Acquire Canada-Based Life Insurance Firm ivari  

• Sagicor Financial Company has confirmed that it received regulatory approvals to acquire Canada-based life insurance firm, ivari. Sagicor says the transaction is expected to close on or about October 3 this year, subject to the satisfaction of all closing conditions.
• The company announced that last year it was tipped to acquire ivari, one of the largest providers of universal life insurance in Canada.
• The deal, once complete, will add CAD$13.9Bn to Sagicor's existing assets. In August 2022, Sagicor said the expected consideration, to be paid in cash at the close of the deal, is CAD$325Mn.
• The acquisition of Ivari will transform Sagicor into a leading North American insurer serving the middle market in addition to market leadership in the Caribbean. Furthermore, the acquisition of Ivari is consistent with Sagicor's business goal of expanding into individual life insurance and diversifying into neighbouring geographic areas.
• This acquisition is likely to result in a rating upgrade on the Company from S&P and/or Fitch which both noted that ivari would add value to Sagicor's credit profile given the prospective business and geographic diversification, ivari's good capital adequacy, and better asset quality in the group's investment portfolio.

(Source: RJR News)