Sagicor Investments to Acquire 60% Stake in Advantage General Insurance
Kingston, Jamaica – Sagicor Investments Jamaica (SIJ) today announced that the company will be acquiring a sixty-percent stake in Advantage General Insurance Company Limited (AGIC) from NCB Capital Markets Limited, a subsidiary of National Commercial Bank Jamaica Limited. The acquisition, subject to all regulatory approvals, is expected to be finalized in the coming months. Upon closing, the transaction will see Sagicor acquiring majority share in the most profitable general insurance company in Jamaica. A newly formed entity headed by Mark Thompson, CEO of AGIC, will hold a thirty-four percent stake in the company; while premier portfolio management company, Resource in Motion led by well known Jamaican investor Donovan Lewis, will hold six percent. The deal is valued at US$50.5 Million.
Chris Zacca, President and CEO of SIJ parent company Sagicor Group Jamaica, and a Director of SIJ, in speaking about the move to acquire this majority share in Advantage General said: “We have done our due diligence and are confident that this deal will see us affording our clients, team members, shareholders and the wider Jamaica a more expanded financial conglomerate with a wider suite of services.”
Looking forward to the acquisition, Mark Thompson, CEO of Advantage General Insurance said, “This is a bold move for both Advantage General and Sagicor, one which we believe will give us the opportunity to expand our footprint and serve our clients better.” He further added, “Our management team, which has been in large part responsible for the market leading performance of this company, will remain on board and will continue to drive innovation, and, working along with Sagicor, create a world class client service experience.”