Sagicor Financial Company Ltd. to acquire ivari, a leading middle-market individual life insurer in Canada
Sagicor Financial Company Ltd. (“Sagicor” or the “Company”) (TSX: SFC), a leading financial services provider in the Caribbean with a growing presence in the U.S., has entered into a definitive agreement to acquire ivari, a subsidiary of Wilton Re Ltd., subject to the satisfaction of customary conditions, including required regulatory approvals.
The expected consideration, to be paid in cash at closing, is C$325 million, subject to certain adjustments. This purchase price assumes funding at ivari’s current target total capital ratio under the LICAT 2023 capital adequacy standard recently finalized by OSFI and following the implementation of IFRS 17, both of which will be in force commencing January 1, 2023. Prior to the closing, ivari is expected to have additional equity capital injected into the business to meet this new standard, which is reflected in the above expected purchase price.
Headquartered in Toronto, ivari is a leading middle-market individual life insurer in Canada with over 80 years of history in the region. ivari provides individual life and critical illness insurance solutions for the Canadian middle-market. Currently, ivari has approximately 700,000 policyholders across Canada and has over 250 employees.