Sagicor Life Inc., a unit of Sagicor Financial Corp. Ltd., has agreed to acquire the traditional insurance portfolios of both Colonial Life Insurance Company (Trinidad) Ltd. and British American Insurance Co. (Trinidad) Ltd.
Sagicor Life will also acquire and assume Colonial Life's pension fund administration, management and investment services contracts.
The insurance policies assumed will consist of a combination of ordinary long-term life insurance policies, including universal life, whole life and term life policies and annuities, plus group life, health and creditor insurance policies in effect as of the deal's closing. Colonial Life Insurance's certain pension-related liabilities will also be acquired.
Approximately US$1.2 billion in total investment assets are expected to be acquired to offset a similar amount of actuarial liabilities that are expected to be assumed. The vendors will provide customary warranties and establish customary escrow funds at closing in case indemnifiable claims arise.
Completion of the deals is subject to the receipt of required regulatory approvals and the absence of a material adverse change. There can be no assurance that either or both of the transactions will be completed.
Alignvest Acquisition II Corp. in November 2018 agreed to acquire all the shares of Sagicor Financial.
