US$50-million deal

Sagicor Investments acquires majority stake in AGIC

Friday, June 21, 2019

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Sagicor Investments Jamaica (SIJ) is acquiring majority stake in Advantage General Insurance Company Limited (AGIC) from NCB Capital Markets Limited in a US$50.5-million deal.

News of the acquisition was released last night by Sagicor, which said that while the transaction's conclusion is subject to all regulatory approvals, it is expected that it will be finalised in the coming months.

Upon closing, the transaction will see Sagicor acquiring a 66 per cent stake in what it described as “the most profitable general insurance company in Jamaica”.

A newly formed entity headed by Mark Thompson, CEO of AGIC, will hold a 34 per cent stake in the company, while premier portfolio management company Resource in Motion, led by well-known Jamaican investor Donovan Lewis, will hold six per cent.

“We have done our due diligence and are confident that this deal will see us affording our clients, team members, shareholders and the wider Jamaica a more expanded financial conglomerate with a wider suite of services,” Chris Zacca, president and CEO of SIJ parent company Sagicor Group Jamaica, and a director of SIJ, is quoted in the news release.

Thompson described the acquisition as “a bold move for both Advantage General and Sagicor, one which we believe will give us the opportunity to expand our footprint and serve our clients better”.

Added Thompson: “Our management team, which has been in large part responsible for the market-leading performance of this company, will remain on board and will continue to drive innovation, and, working along with Sagicor, create a world-class client service experience.”

NCB Capital Markets Limited is a subsidiary of National Commercial Bank Jamaica Limited.

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