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(CMC) – Sagicor Financial Corporation (SFC) is seeking to re-assure Caribbean nationals that the move by the Canadian-based, Alignvest, to take over its operations, will not adversely impact its business in the region and North America
SFC recently announced that it had agreed to sell its shares, valued at US$536 million, to the special purpose acquisition firm Alignvest Acquisition II Corporation.
“While this (transaction) is an important step for Sagicor, it has no impact on any of our operations either in the Caribbean or the United States. Your local executive team will continue to lead the company and your Sagicor policies, contracts, customer service representatives and financial advisors will remain unchanged,” said Dodridge Miller, the SFC’s president and chief executive officer,.
“This transaction will make our already strong competitive position even stronger, as we continue to focus on our objective of being the ‘insurer of choice’ in the regions where we operate. Sagicor remains fully committed to the region and having been your financial partner for over 175 years, we are looking forward to continuing this journey with you,” he added.
Once this deal is approved, Sagicor will delist from the stock exchanges of Barbados, Trinidad and Tobago and London and list on the Toronto Stock Exchange and Milller said in his statement that the company remains committed to creating value for its customers and shareholders.
In the statement, Miller said the proposed arrangement between Sagicor and Alignvest would give Sagicor the ability to explore new opportunities and solutions, which would allow the company to provide even greater value to its customers.
“We have already begun to demonstrate this ability, through our recently announced, exclusive partnership with Bank of Nova Scotia, which will allow Scotia’s customers in Jamaica and Trinidad & Tobago to access an enhanced suite of Sagicor products.
“We appreciate that these announcements and transactions are often complex, and we are committed to providing as much information as possible to inform you of the merits of our decision. Further to the information available on our website, and subject to judicial approval under the Laws of Bermuda, we currently plan to provide Sagicor shareholders with an Explanatory Statement, in the course of February and we anticipate that a shareholders meeting will be convened by the end of March,” Miller added.
He said subject to shareholder and regulatory approvals, the transaction is expected to close by the second quarter of 2019.