Scotiabank, Sagicor discontinue insurance sale

SCOTIABANK and Sagicor on Thursday announced they have mutually agreed to not proceed with the 20-year distribution agreement for insurance products and solutions in TT. As a result, the sale of ScotiaLife TT Ltd will also not proceed.

This information was provided in a statement issued by Scotiabank. In its statement, the bank did not provide any details about the reasons for discontinuing the agreement. In the statement, Scotiabank said it remained committed to providing high-quality insurance solutions to its customers through ScotiaLife TT.

The bank said this will be supported by ongoing investments in insurance systems, new products and digital solutions to help customers with all their protection needs. Scotiabank also said as a leading bank in the region with a strong and dedicated team, and significant digital advancements made over the last five years, it is well positioned to build on this success "as it solidifies its position as the relationship bank of TT."

Scotiabank and Sagicor first announced their intention to enter into this agreement in November 2018. In a statement then, Scotiabank said the agreement will see an enhanced suite of market-leading insurance products and solutions, underwritten by Sagicor, being offered to Scotiabank customers in TT. As part of this partnership, Scotiabank said it had agreed to sell its insurance subsidiary: ScotiaLife TT to Sagicor.

The bank said then the agreement was subject to regulatory approval and customary closing conditions. Until regulatory approval is obtained and conditions are met, and the transaction closes, Scotiabank said ScotiaLifeTT operations would continue as usual. Efforts to obtain comments from Scotiabank and Sagicor about the discontinuation of the agreement were unsuccessful.