On November 27, 2018, Sagicor Financial Corporation Limited (SFC) announced that it had entered into an “Arrangement Agreement” with Alignvest Acquisition II Corporation (Alignvest) which heralds in yet another significant milestone in the long and storied history of the Sagicor company. Through this transaction, Sagicor will acquire a listing on the Toronto Stock Exchange, where it will have international exposure, greater access to capital to fund its future growth, and very importantly, be exposed to proper price discovery for its shares, providing an opportunity to unlock fair value for all shareholders.
While this is an important step for Sagicor, it has no impact on any of its 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. This transaction will make Sagicor’s already strong competitive position even stronger, as it continues to focus on the objective of being the “insurer of choice” in the regions where the company operates.
Sagicor remains fully committed to the region and having been your financial partner for over 175 years, Sagicor is looking forward to continuing this journey with you. The proposed arrangement gives us the ability to explore new opportunities and solutions, which will allow us to provide even greater value to you. Sagicor has already begun to demonstrate this ability through the 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.
Sagicor appreciates that these announcements and transactions are often complex, and the company is committed to providing as much information as possible to inform you of the merits of its decision. Further to the information available on its website, and subject to judicial approval under the Laws of Bermuda, Sagicor currently plans to provide its shareholders with an Explanatory Statement, in the course of February and the insurer anticipate that a shareholders meeting will be convened by the end of March. Subject to shareholder and regulatory approvals, the transaction is expected to close by the second quarter (Q2) of 2019.
As a committed regional business serving the Caribbean proudly for more than 175 years, Sagicor will continue to strive for excellence on behalf of all stakeholders and hold steadfast to its vision – “committed to improving the lives of people in the communities in which we operate”.
Sagicor looks forward to engaging stakeholders over the coming months and will also continue to share information through traditional media, on social media pages and at www.sagicor.com. Your feedback is very important and Sagicor invites you to share your comments and queries at SFC_GroupCommunications@sagicor.com.
Sagicor looks forward to leading on to the next phase of the journey together and to grow from strength to strength.