Sagicor Investments receives green light from regulators in Advantage General deal
Sagicor Investments Jamaica (SIJ) on Friday last (September 6) announced that the Financial Services Commission (FSC) has issued a no-objection to the acquisition by SIJ of a 60 per cent stake in Advantage General Insurance Company Limited (AGIC) from NCB Capital Markets Limited, a subsidiary of National Commercial Bank Jamaica Limited (NCB).
In a media release sent to the media, it was stated that “upon closing, the transaction will see Sagicor acquiring the majority share in the most profitable general insurance company in Jamaica.”
President and CEO of SIJ parent company Sagicor Group Jamaica, and chairman of SIJ, Chris Zacca noted that this deal aims to ultimately benefit customers and the wider society, providing them with a wider range of services.
“This is another step towards completion of a deal that will ultimately benefit our clients, team members, shareholders, and the wider Jamaica with a wider suite of services. We are eager to officially begin this partnership which we are confident will yield excellent returns,” he said.
Mark Thompson, chief executive officer of Advantage General Insurance said, “this now brings us closer to a new chapter for Advantage General which will see us leveraging the benefit of the Sagicor network coupled with an innovative approach in service delivery to further increase the peace of mind of our customers, employees and business partners”.
A newly formed entity headed by Mark Thompson, CEO of AGIC, will hold a 34 per cent percent stake in the company; while premier portfolio management company Resource in Motion, led by Jamaican investor Donovan Lewis, will hold six per cent.
The acquisition, which was first announced in June of this year, was then said to be subject to all regulatory approvals. This new development now paves the way for the parties to complete the deal over the upcoming weeks once all other relevant conditions have been satisfied.