Scotiabank TT sells insurance business to Sagicor

Scotiabank TT Ltd and Sagicor Financial Corporation Ltd today announced they will enter into a 20-year distribution agreement through which an enhanced suite of market-leading insurance products and solutions, underwritten by Sagicor, will be offered to Scotiabank customers in Trinidad and Tobago.

As part of this partnership, Scotiabank TT has agreed to sell its insurance subsidiary: ScotiaLife TT Ltd to Sagicor.

The agreement is subject to regulatory approval and customary closing conditions. The transaction is also subject to the closing of the announced transaction whereby Sagicor will be acquired by Alignvest Acquisition II Corporation subject to conditions in and pursuant to a plan of arrangement and the surviving entity will continue the Sagicor brand and be publicly-listed on the Toronto Stock Exchange. Until regulatory approval is obtained and conditions are met, and the transaction closes, all ScotiaLife TT Ltd operations will continue as usual.

“We are pleased that we will be able to combine the strengths of Scotiabank Trinidad and Tobago with Sagicor to deliver an enhanced, best-in-class suite of insurance products and services, underwritten by Sagicor, to our customers across Trinidad and Tobago,” said Stephen Bagnarol, country head TT, and SVP Caribbean South & East. “Under the terms of this agreement, we will create a new insurance entity through which these enhanced insurance products will be distributed in Trinidad and Tobago.”

“We are pleased to have signed this agreement with Scotiabank Trinidad and Tobago and proud to have the opportunity to provide more customers with innovative, market-leading insurance products and services, once the transaction closes,” said Robert Trestrail, executive vice president and general manager of Sagicor Life Inc. “Sagicor has a longstanding history of success in providing customers throughout the Caribbean with financial and insurance products that help them to build and protect what they value most.

“Scotiabank is proud to partner with Sagicor, a local financial service provider who is an expert in its field, and shares our corporate values,” said Brendan King, chairman of Scotiabank TT Ltd and senior vice president, International Banking, Scotiabank. “We believe this is the best long term solution for our customers in the country. We remain committed to providing leading financial products and advice to our retail, corporate and commercial banking, wealth management and insurance customers in Trinidad and Tobago.”

As part of the agreement, employees of ScotiaLife TT Ltd will join Sagicor, or a new licensed insurance sales entity that will be created as a result of this transaction.

Scotiabank TT and Sagicor will work together once the transaction closes to ensure a smooth transition for both employees and customers.