SAGICOR Financial Company Ltd has entered into an agreement to acquire Ivari, a subsidiary of Wilton Re Ltd.
In a statement, Sagicor said subject to required regulatory approvals, the agreement should take effect on January 1, 2023.
The company said the expected acquisition price could be approximately Can$235 million.
Based in Toronto, Ivari is a leading middle-market individual life insurer in Canada with over 80 years of history in the region.
Sagicor said Ivari provides individual life and critical-illness insurance solutions for the Canadian middle market. Ivari has approximately 700,000 policyholders across Canada and has over 250 employees.
Sagicor viewed its acquisition as aligning with its business strategy of growing in individual life insurance and diversifying into adjacent geographic markets.
Based in Bermuda, Sagicor is a leading financial services provider in the Caribbean, and has a growing presence as a provider of life insurance products in the US. The company offers a wide range of products and services, including life, health and general insurance, banking, pensions, annuities and real estate.
