Sagicor Financial Company Ltd. (“Sagicor” or the “Company”) (TSX: SFC) today announced the completion of its previously announced acquisition of ivari from Wilton Re Ltd.
Andre Mousseau, President and Chief Executive Officer of Sagicor, said:
“This is a significant day in the proud history of Sagicor. The Canadian market, with which the Caribbean has many ties, is a natural one for Sagicor to grow into. ivari is a great fit; its product portfolio aligns with our strength in individual life insurance, their team’s strong culture mirrors ours, and it is financially attractive. Adding ivari immediately enhances our earnings generation, expands our asset base in a highly rated investment grade jurisdiction, and provides an attractive avenue for growth.”
Mr. Mousseau continued, “I would like to extend a warm welcome to all of ivari’s employees and partners. On behalf of all of my colleagues across the 21 countries in which we operate, we welcome you to the Sagicor family and look forward to working with you in the years to come.”
Headquartered in Toronto, ivari is a leading individual life insurer with over 90 years of history serving the Canadian middle market. ivari has approximately 700,000 policyholders across Canada and has approximately 300 employees.
Consistent with prior disclosure, the transaction is expected to be materially accretive to book value per share and earnings per share, and approximately neutral on a debt to capital basis. The Company expects to file a Business Acquisition Report on SEDAR+, including pro forma financial statements, on or before December 17, 2023. The purchase price of C$375 million was funded by a new US$320 million senior secured term loan facility with a syndicate of international and Canadian banks. Sagicor may opt to replace or refinance this term loan with debentures issued in the debt capital markets or other financing sources in whole or in part if and when appropriate, consistent with its capital allocation strategy.
For additional details regarding the transaction, please refer to the news release dated August 25, 2022, and related materials, available on SEDAR+ and on the Company’s website.
