Sagicor Reorganisation in Trinidad and Tobago

SAGICOR FINANCIAL COMPANY LTD.

Sagicor Financial Company Ltd. (TSX:SFC) is a leading financial services provider in the Caribbean, with over 180 years of history, and has a growing presence as a provider of life insurance products in the United States. Sagicor offers a wide range of products and services, including life, health and general insurance, banking, pensions, annuities and real estate. Sagicor's registered office is located at Clarendon House, 2 Church Street, Hamilton, Bermuda, with its principal office located at Cecil F. De Caires Building, Wildey, St. Michael, Barbados. Additional information about Sagicor can be obtained by visiting www.sagicor.com

 

SAGICOR LIFE INC.

Through its legacy company, The Barbados Mutual Life Assurance Society, the Sagicor Group has been operating in Trinidad and Tobago since the 1850’s. The Barbados Mutual Life Assurance Society demutualized in 2002 to become Sagicor Life Inc. (“SLI”). SLI, which is a wholly-owned subsidiary of SFCL, is incorporated under the provisions of the Companies Act Chapter 308 of the Laws of Barbados and is registered as an external company under the Companies Act of Trinidad and Tobago. SLI is registered as a life insurer under the former Insurance Act, Chapter 84:01 of Trinidad and Tobago.

 

SAGICOR GENERAL INSURANCE INC.

Sagicor General Insurance Inc. (“SGII”) is incorporated under the provisions of the Companies Act Chapter 308 of the Laws of Barbados and is registered as an external company under the Companies Act of Trinidad and Tobago. SGII is a majority-owned subsidiary of SLI and has been operating in Trinidad and Tobago since 2004. SGII is registered as a general insurer under the former Insurance Act, Chapter 84:01 of Trinidad and Tobago.

 

LEGISLATIVE CHANGES

Under the Insurance Act, 2018 (as amended) of the laws of Trinidad & Tobago (the “Act”), insurance business must be conducted through entities incorporated in Trinidad & Tobago. To achieve compliance with the Act, existing foreign insurers must complete their reorganizations by June 30, 2023. Both SLI and SGII are foreign insurers conducting business through branches and are required to reorganize their operations in Trinidad and Tobago. 

 

SAGICOR REORGANISATION

As a result of the legislative mandate to conduct insurance business through local companies, Sagicor has incorporated two new companies in Trinidad and Tobago, Sagicor Life (Trinidad and Tobago) Limited (“SLTT”) and Sagicor General (Trinidad & Tobago) Company Limited (“SGTT”). SLTT will be registered under the Act as a life insurer and SGTT will be registered as a general insurer.

SLTT will be a wholly-owned subsidiary of SLI and will serve as the operating holding company for Sagicor’s financial entities in Trinidad and Tobago, including SGTT. A simplified corporate chart that illustrates the foregoing can be found here.

It is proposed that SLI and SGII will transfer their undertakings in Trinidad and Tobago to SLTT and SGTT respectively, via Schemes of Transfer (the “Schemes”). The Schemes will not impact the policy rates; terms and conditions; coverage and benefits; and service and administration of policies. SLTT will assume and take responsibility for all SLI policies in force in Trinidad and Tobago as at the effective date of its Scheme. Similarly, SGTT will assume and take responsibility for all SGII policies in force in Trinidad and Tobago as at the effective date of its Scheme.

The Scheme documents for the:

Should you have any queries with regard to the Scheme, please visit or contact our local offices. Queries may also be sent to [email protected].

CONTACT AND KEY INFORMATION 

Sagicor Life Inc - Port of Spain

16 Queens Park West, Port of Spain

Sagicor General Insurance - Port of Spain

16 Queen's Park W

Sagicor Life Inc - Chaguanas

Cor. De Verteuil & Penco Sts., Chaguanas

Sagicor General Insurance - Chaguanas

Cor. De Verteuil and Penco Streets

Sagicor Life Inc - St Augustine

11 Eastern Main Road, Emerald Plaza, St. Augustine.

Sagicor General Insurance - St Augustine

Emerald Plaza, Eastern Main Road

Sagicor Life Inc - San Fernando

21-25 Independence ave., San Fernando

Sagicor General Insurance - San Fernando

2nd, Floor, 8-10 Gordon Street

Sagicor Life Inc - Tobago

Unit 6 Level 1, Gulf City Lowlands Mall, Lowlands, Tobago

Sagicor General Insurance - Tobago

Unit 6, Level 1, Gulf City Mall, Lowlands

 

Sagicor General Insurance - Arima

Shops of Arima, Tumpuna

 

OTHER IMPORTANT INFORMATION

NOTICE OF INTENTION SLI

NOTICE OF INTENTION SGII

SLI NOTICE OF APPLICATION FOR A VESTING ORDER

SLI NOTICE OF APPLICATION FOR A VESTING ORDER