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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 01, 2022 08:40 AM (EDT)
AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Sagicor Life Inc. and Sagicor General Insurance Inc. (both domiciled in St. Michael, Barbados), Sagicor Life Insurance Company (Austin, TX), as well as Sagicor Reinsurance Bermuda Ltd. (Bermuda). Concurrently, AM Best has also placed under review with developing implications the FSR of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Sagicor Life Jamaica Limited (Kingston, Jamaica). In addition, AM Best has placed under review with developing implications the Long-Term ICR of “bbb-” (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) on the $400 million 5.3% senior unsecured notes due 2028 of the ultimate parent, Sagicor Financial Company Ltd. (Bermuda). These ratings actions follow the announcement of Sagicor Financial Company Ltd.’s planned acquisition of ivari, a subsidiary of Wilton Re Ltd.
AM Best expects the transaction to be accretive to Sagicor Financial Company Ltd.’s operating earnings, and increase its geographic diversification while lowering its overall investment risk. However, there is some uncertainty concerning the execution of the transaction and integration risk from the acquired block of business. AM Best will continue to monitor this impending transaction as it evolves and provide updates as conditions warrant.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.