Sagicor Life Inc. and Sagicor Group Jamaica Limited have announced plans to merge under a new regional holding structure, a move expected to create one of the Caribbean’s largest and most diversified financial services groups.
Under the proposed arrangement, both entities will be combined into a single holding company known as Sagicor Group Caribbean, bringing together nearly US$7 billion in assets and significantly expanding the group’s regional scale. The announcement was made on Tuesday by the companies, describing the merger as a landmark step in Sagicor’s long-term Caribbean growth strategy.
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Sagicor Life Inc. said its parent company, Sagicor Financial Company Ltd., has entered into a formal agreement with Sagicor Group Jamaica Limited to execute the transaction. Once completed, the combined group is expected to report more than US$6.9 billion in total assets and approximately US$1.3 billion in revenues for the 12-month period ended September 30.
As part of the transaction, Sagicor Financial Company’s ownership stake in the new holding company is projected to rise from 49 per cent to about 55 per cent, subject to regulatory approvals and shareholder consent.
Speaking at a press briefing, Sagicor Financial Company president and chief executive officer Andre Mousseau said the merger would significantly strengthen the group’s ability to grow across the Caribbean.
“The combined entity will have greater scale, be fully capitalised and have a clear mandate to expand throughout the region,” Mousseau said, noting that the group sees multiple avenues for future growth.
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Sagicor Group Jamaica Limited president and CEO Christopher Zacca said the increased size of the combined organisation would accelerate innovation and improve operational efficiency.
“Our clients will be better served through more seamless processes, enhanced technology and improved service delivery,” Zacca said. “This positions us to capture greater market share, both in Jamaica and across the wider Caribbean.”
He added that the merger would also support the expansion of Sagicor’s financial offerings across multiple markets.
“As a diversified financial group, we are focused on building a pan-Caribbean platform that allows us to introduce and scale additional financial services throughout the region,” Zacca said.
Sagicor Life Inc. group president and CEO Robert Trestrail said the merger would strengthen the Barbados-based insurer’s leadership position while expanding access to financial services for underserved markets.
“While we have established ourselves as a leader in insurance, this structure creates new opportunities to broaden our reach and better meet the needs of clients across the region,” Trestrail said. He also confirmed plans to expand the group’s product mix and introduce new digital and technological solutions.
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Under the proposed structure, Sagicor Group Caribbean will replace Sagicor Group Jamaica Limited as the publicly listed entity on the Jamaica Stock Exchange. Dodridge Miller is expected to be nominated as chair of the new holding company, while Zacca will serve as chief executive officer. Trestrail will continue in his role as president and CEO of Sagicor Life Inc.
Sagicor stressed that the merger will not result in immediate changes to customer-facing operations. Roles, service channels, policies, benefits and client interactions will remain unchanged, and claims processing and payments will continue without disruption. The transaction is expected to close in 2026, pending regulatory and shareholder approvals.
The proposed merger brings together two institutions with deep historical roots. Sagicor’s origins trace back to the Barbados Mutual Life Assurance Society, founded in 1840 as one of the earliest life insurers in the English-speaking Caribbean. After operating as a mutual for more than a century, the organisation demutualised in 2002, rebranded as Sagicor Financial Corporation and expanded as a shareholder-owned regional group.
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In Jamaica, the group’s foundation lies in Life of Jamaica Limited, established in 1970 as the country’s first locally owned life insurance company and the first to list on the Jamaica Stock Exchange. Over time, it evolved into Sagicor Group Jamaica Limited, offering banking, insurance, investments, asset management and retirement planning services.
Together, the Barbadian and Jamaican operations now anchor a broader Sagicor network operating in more than 20 countries across the Caribbean, Latin America and North America, positioning the group for its next phase of regional expansion.
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