Sagicor to acquire Canadian insurer Ivari

SAGICOR Financial Company Ltd has entered into an agreement to acquire Ivari, a subsidiary of Wilton Re Ltd.

In a statement, Sagicor said subject to required regulatory approvals, the agreement should take effect on January 1, 2023.

The company said the expected acquisition price could be approximately Can$235 million.

Based in Toronto, Ivari is a leading middle-market individual life insurer in Canada with over 80 years of history in the region.

Sagicor said Ivari provides individual life and critical-illness insurance solutions for the Canadian middle market. Ivari has approximately 700,000 policyholders across Canada and has over 250 employees.

Sagicor viewed its acquisition as aligning with its business strategy of growing in individual life insurance and diversifying into adjacent geographic markets.

Sagicor group president and CEO Dodridge Miller said, "Today we have taken a new step in shaping Sagicor’s future. The acquisition of Ivari transforms Sagicor into a leading North American insurer serving the middle-market in addition to our market leadership in the Caribbean."

Sagicor isexcited about Ivari’s leading position in the Canadian market and its focus on improving its customers’ financial well-being.

Miller said, "It is a scaled business primed for growth with Can$13.9 billion in well-managed assets as of year-end 2021 and a dedicated and focused management team."

He was confident that through this acquisition, "Sagicor will double the size of its balance sheet and deliver its over 180 years of experience in individual life insurance to the Canadian market."

Ivari president and CEO Todd Lawrence was also excited about the acquisition.

"Ivari is pleased to join the Sagicor Group of companies. Over the past several years, we have simplified our business model to focus on where we have scale and deep and meaningful relationships to provide exceptional service to our advisers and customers."

Lawrence said Ivari’s customers, distribution network and other stakeholders will continue to experience the same level of service they are accustomed to, after the acquisition.

"We are excited by our strong growth prospects and what the future of Ivari holds as part of the Sagicor Group of companies.”

Based in Bermuda, Sagicor is a leading financial services provider in the Caribbean, and has a growing presence as a provider of life insurance products in the US. The company offers a wide range of products and services, including life, health and general insurance, banking, pensions, annuities and real estate.