Sagicor Financial Company Ltd.'s Subsidiary, Sagicor Group Jamaica Limited, Announces Proposed Acquisition of Alliance Financial Services Limited

TORONTO and BARBADOS, Feb. 9, 2022 /CNW/ - Sagicor Financial Company Ltd. ("Sagicor") today announced that its subsidiary, Sagicor Group Jamaica Limited ("SGJ" or the "Company"), has entered into a definitive agreement for the purchase of 100% of the shares in Alliance Financial Services Limited ("AFSL").  The deal is subject to due diligence and regulatory approval and SGJ has commenced the process of applying for a cambio licence and a remittance licence from the Bank of Jamaica. According to its publicly available audited statement of financial position, AFSL had 4.4 billion Jamaican dollars of total assets and 1.6 billion Jamaican dollars of total shareholders' equity as at September 30, 2020, equivalent to approximately US$28 million and US$10 million respectively.

Sagicor Group Jamaica Limited President and CEO, Christopher Zacca stated that "the acquisition of AFSL is aligned to the Group's overall strategy for growth as it will allow the Company to move into new business segments and expand our product offerings to our clients."  Mr. Zacca further stated that "the deal augurs well for Jamaica's economy, the financial sector, AFSL's employees, clients and other stakeholders, as well as the public confidence in the financial market, as it will ensure that the company resumes normal operations as soon as possible. Our commitment to the growth and development of Jamaica and in particular the smooth functioning of the foreign exchange market, which is vital to our economy, is evident in this transaction." 

About Sagicor Financial Company Ltd.

Sagicor Financial Company Ltd. (TSX: SFC) is a leading financial services provider in the Caribbean, with over 180 years of history, and has a growing presence as a provider of life insurance products in the United States. Sagicor offers a wide range of products and services, including life, health, and general insurance, banking, pensions, annuities, and real estate. Sagicor's registered office is located at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, with its principal office located at Cecil F De Caires Building, Wildey, St. Michael, Barbados.  Additional information about Sagicor can be obtained by visiting www.sagicor.com.

SOURCE Sagicor Financial Company Ltd.

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