Sagicor seeks up to US$100mn from IFC for regional expansion

Monday, February 7, 2011

Barbados-based financial services company Sagicor has requested a US$100mn investment from the World Bank's private sector arm IFC in the form of common and preferred shares to help finance its expansion plans across the Caribbean, according to an investment proposal on IFC's website.

The investment would also help Sagicor to consolidate and strengthen its life insurance operations, the proposal read.

Sagicor is one of the largest insurers in the Caribbean and it offers life, health and P&C insurance, as well as annuities, pension plans and mutual funds in 22 countries. The company had total assets of US$4.9bn and US$744mn in equity at the end of September last year.

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IFC's board will consider the investment proposal on March 10. Last year, the multilateral moved to invest US$75mn in equity in Trinidad and Tobago-based GHL, taking a roughly 13% stake in the insurer.