Sagicor gets greenlight for Advantage General acquisition
Sagicor Investments Jamaica (SIJ) has announced that the Financial Services Commission (FSC) has issued its no objection to the acquisition by SIJ of a 60 per cent stake in Advantage General Insurance Company Limited (AGIC) from NCB Capital Markets Limited, a subsidiary of National Commercial Bank Jamaica Limited.
The acquisition, which was first announced in June of this year was then said to be subject to all regulatory approvals.
This now paves the way for the parties to complete the deal over the upcoming weeks once all other relevant conditions have been satisfied.
Upon closing, the transaction will see Sagicor acquiring a majority share in 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.
Chris Zacca, President and CEO of SIJ parent company Sagicor Group Jamaica, and Chairman of SIJ, said: “This is another step towards completion of a deal that will ultimately benefit our clients, team members, shareholders and the wider Jamaica with a wider suite of services. We are eager to officially begin this partnership which we are confident will yield excellent returns.”
Mark Thompson, CEO of Advantage General Insurance said, “This now brings us closer to a new chapter for Advantage General which will see us leveraging the benefit of the Sagicor network coupled with an innovative approach in service delivery to further increase the peace of mind to our customers, employees and business partners.”