Sagicor Financial Corporation has completed its headquarters move from Barbados to Bermuda, at least on paper.
In a brief statement Thursday, the company announced that “further to the grant of approval by its shareholders at a meeting held on June 8, 2016, the company has continued as an exempted company under the laws of Bermuda with effect from July 20, 2016 under the name Sagicor Financial Corporation Limited”.
The company first announced its intention to relocate in January last year, following Standard & Poor’s downgrade of Sagicor Life’s rating from BB+ to BB-, and Sagicor Finance Ltd’s US$150 million ten-year senior unsecured notes to B from BB-.
This came on the heels of the lowering of Barbados’ sovereign rating to B from BB- by the same international ratings agency, less than two weeks prior.
Company officials had also announced that three jurisdictions – Trinidad and Tobago, the United Kingdom and Bermuda – were chosen as the most favourable jurisdictions to redomicile. However, after careful research by experts, Bermuda was chosen.
Sagicor is a leading provider of financial services in the Caribbean. Operating in 22 countries, including the USA and Latin America, Sagicor has total assets of US $6.4 billion and $739 million in capital. The Sagicor Group offers a wide range of products and services including life insurance, pensions, annuities, group and individual health, banking and asset management.
A widely held publicly- traded company with over 36,000 shareholders, the company is currently listed on the stock exchanges of Barbados, Trinidad and Tobago and London.