Sagicor, Scotia Life Jamaica cancel insurance distribution agreement
Sagicor Financial Corporation and Scotia have mutually agreed not to proceed with a 20-year distribution agreement for life insurance products and services in Jamaica, nearly a year after both parties announced the agreement.
SFC is, however, proceeding with the purchase of ScotiaLife Trinidad and Tobago Limited.
A release issued by Sagicor stated, “Sagicor and The Bank of Nova Scotia Jamaica Limited have mutually agreed not to proceed with the 20-year distribution agreement for insurance products and solutions in Jamaica. As a result, Sagicor will not proceed with the acquisition of Scotiabank Insurance Jamaica at this time.”
The company outlined that Sagicor, Alignvest Acquisition II Corporation and Scotiabank Trinidad and Tobago Limited remain parties to a share purchase agreement dated November 27, 2018.
Under this agreement, Sagicor agreed to establish a 20-year distribution agreement for insurance products and solutions in Trinidad and Tobago, and acquire all of the issued and outstanding shares in the capital of Scotiabank Insurance Trinidad and Tobago.
The distribution agreement is subject to the satisfaction of certain conditions which were not disclosed.
Sagicor continues to pursue the transactions contemplated in the Trinidad share purchase agreement.
Sagicor Financial Corporation Limited, operating as Sagicor in the Caribbean region, provides a range of financial services.
The company says it has a growing presence as a provider of life insurance products in the United States.
Products and services offered by Sagicor include life, health, and general insurance, banking, pensions, annuities, and real estate.
SFC is registered in Bermuda but headquartered in St Michael, Barbados.