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Sagicor Financial Company Ltd. Completes Acquisition of ivari
Sagicor Financial Company Ltd. Completes Acquisition of ivari Canada NewsWire ...
About this update from Sagicor Financial Co. Ltd. Class A
[{"type":"text","content":"\n \n \n \n Sagicor Financial Company Ltd. Completes Acquisition of ivari\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n and\n \n BARBADOS\n \n \n ,\n \n \n Oct. 3, 2023\n \n \n /CNW/ - Sagicor Financial Company Ltd. (\"Sagicor\" or the \"Company\") (TSX: SFC) today announced the completion of its previously announced acquisition of ivari from Wilton Re Ltd.\n \n \n \n \n Andre Mousseau\n \n , President and Chief Executive Officer of Sagicor, said:\n \n \n \n \"This is a significant day in the proud history of Sagicor. The Canadian market, with which the\n \n Caribbean\n \n has many ties, is a natural one for Sagicor to grow into. ivari is a great fit; its product portfolio aligns with our strength in individual life insurance, their team's strong culture mirrors ours, and it is financially attractive. Adding ivari immediately enhances our earnings generation, expands our asset base in a highly rated investment grade jurisdiction, and provides an attractive avenue for growth.\"\n \n \n Mr. Mousseau continued, \"I would like to extend a warm welcome to all of ivari's employees and partners. On behalf of all of my colleagues across the 21 countries in which we operate, we welcome you to the Sagicor family and look forward to working with you in the years to come.\"\n \n \n Headquartered in\n \n Toronto\n \n , ivari is a leading individual life insurer with over 90 years of history serving the Canadian middle market. ivari has approximately 700,000 policyholders across\n \n Canada\n \n and has approximately 300 employees.\n \n \n Consistent with prior disclosure, the transaction is expected to be materially accretive to book value per share and earnings per share, and approximately neutral on a debt to capital basis. The Company expects to file a Business Acquisition Report on SEDAR+, including pro forma financial statements, on or before\n \n December 17, 2023\n \n . The purchase price of\n \n C$375 million\n \n was funded by a new\n \n US$320 million\n \n senior secured term loan facility with a syndicate of in...