PROJECT

Projects

Summary of Proposed Investment

Project Number

29698

Company Name

SAGICOR FINANCIAL CORPORATION LIMITED

Date SPI Disclosed

Feb 7, 2011

Country

Caribbean Subregion

Industry

Financial Markets

Projected Board Date

Mar 10, 2011

Status

Completed

Sector

Composite Insurance (Life and Non-life)

Department

Regional Industry FIG LAC & EUR

Environmental Category

C - No Impact

Previous Events

Approved : Mar 10, 2011
Signed : Mar 31, 2011
Invested : Jul 15, 2011

Project Description

Sagicor Financial Corporation (“SFC” or the “Company”) is one of the largest local insurers operating in the Caribbean region, with total assets of $4.9 billion and total equity of $744 million as of September 30, 2010. Its origins date back to 1840, when the Barbados Mutual Life Assurance Society (BMLAS) was founded. In 2002, BMLAS demutualised with support of its policyholders and the SFC Group was formed as a publicly-listed holding company. Today, the SFC Group offers life, health, P&C insurance, as well as annuities, pensions and mutual fund products in 22 countries throughout the Caribbean, the U.S. and the U.K. The SFC Group is the number one provider of individual and group life and health insurance in Barbados, Jamaica and the East Caribbean region, and a significant provider in the Trinidad and Tobago market. As of year-end 2009, operations in the Caribbean contributed two-thirds of the revenues of the group, while U.S. and U.K. operations combined contributed one third of the total group revenue. A.M. Best rates SFC''s main Life and P&C subsidiaries as A- (Excellent), placing them in the top quartile of global peers in terms of financial strength.

The proposed project consists of an IFC investment package of up to $100 million in the form of common and preferred shares of the Company. The proposed investment will be used to secure additional funds for general corporate purposes and to pursue the Company’s ongoing growth and expansion strategies in the region.

Sponsor / Cost / Location

Development Impact