Sagicor acquires Toronto-based insurance company

Sagicor has acquired Toronto-based insurance company Ivari, a release from the Caribbean-based company said.

The release said the sale would be to the tune of US$239.8 million.

It added that Ivari has about 700,000 policyholders across Canada and more than 250 employees.

“The acquisition of Ivari aligns with Sagicor’s business strategy of growing in individual life insurance and diversifying into adjacent geographic markets,” the release said.

Sagicor group president Dodridge Miller said the acquisition is another step in shaping the company’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. We are excited about Ivari’s leading position in the Canadian market and its focus on improving its customers’ financial well-being,” he said.

Ivari president and CEO Todd Lawrence expressed pleasure over joining with Sagicor.

“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 advisors and customers. Ivari is focused on accelerating our growth in the underserved middle market in Canada and distributes through a strong independent distribution network based on a long history of relationships built on trust,” he said.