The American arm of Barbados-based insurer Sagicor Life has completed a major acquisition.
Parent company Sagicor Financial Corporation announced this afternoon that Sagicor Life Insurance Company USA was now the owner of PEMCO Life Insurance Company, having completed its purchase of the company located in Washington.
As a result of the transaction, PEMCO’s 7,500 policyholders will join the 60,000 currently on Sagicor USA’s client list.
“We want to welcome PEMCO Life policyholders to the Sagicor family, and we are excited to get to know them,” Sagicor USA’s Chief Operating Officer Bart Catmull said.
He said the terms and conditions of the these additional policies would remain unchanged, withinsurance coverage, benefits and services being provided by Sagicor USA.
“We look forward to providing high quality service to our newest family members for many years to come,” he said.
Sagicor USA currently administers $1.9 billion of “in-force” insurance business and had assets worth about $930 million. (SC)