Sagicor Group Jamaica Expands Operations in Latin America through Joint Venture Acquisition of Sagicor Panama

January 02, 2024

Via Jamaica Observer

Sagicor Group Jamaica Limited (SGJ) is thrilled to announce the Group’s further expansion into the Latin American market, effective January 1, 2024. This strategic move is made possible through a joint venture with our Costa Rican partners (Capital & Advice Inc), for the acquisition of Sagicor Panama from Sagicor Life Inc. in Barbados. Having received no objections from both Jamaican and Panamian regulators, our joint venture will embark on this new journey, expecting to replicate the success of our existing Sagicor Costa Rica joint venture.

Christopher Zacca, President and CEO of SGJ, expressed that this is a tremendous achievement for the company, stating, "The acquisition of Sagicor Panama is a key step in our strategic objective of regional expansion. We are confident that our expertise in and commitment to providing insurance solutions will add value to clients across Latin America as we move forward into new markets over the next few years."

Sagicor Panama currently offers a range of products including Group and Individual Life insurance, Group and Individual Health insurance, and Personal Accident insurance. With this venture, Sagicor Group Jamaica aims to further diversify its product offerings in the Latin American market.

This expansion marks a major achievement for Sagicor Group Jamaica as it increases its presence in the Latin American market. Zacca further stated that the Sagicor team “is excited about the opportunity to serve new markets and position SGJ for continued growth.” Outside of its Jamaican-based companies, Sagicor Group Jamaica also comprises of Sagicor Life of the Cayman Islands, Sagicor Investments Cayman and Sagicor Costa Rica as part of its group structure.