Sagicor
Formerly known as The Barbados Mutual Life Assurance Society, Sagicor is a strong and dynamic financial services group with operations in 20 countries in the Caribbean region, Latin America and the United States. The group offers a wide range of products and services including life and health insurance, annuities and pensions, property and casualty insurance, banking, investment services and credit and debit card processing services.
Established in 1840 as a mutual insurance company, Sagicor has grown to be the leading indigenous financial services company in the region. The Group has assets exceeding US$ 1.4 billion with almost US$ 2 billion in assets under management. This strength is clearly reflected in Sagicor’s ‘A’ Rating (Excellent) from A.M. Best, based on an assessment of the financial strength, strategic management and operating effectiveness of the group.
Sagicor’s reputation as a strong stable company was reinforced when the company demutualized during December 2002 and issued an IPO that was quickly taken up by investors across the region. In fact, the IPO, which was opened for just over a week, was oversubscribed by about 160 percent, making it the most successful IPO ever issued in the Caribbean.
Today, Sagicor’s reach extends beyond the Caribbean. Through its international division located in Tampa, Florida, Sagicor serves the needs of an ever-increasing international customer base. Through its subsidiary Allnation Insurance, Sagicor provides USA-based health care to the top 5 percent of the population in many countries in Latin America, Asia, and the Middle East. The international division also offers other financial solutions to third-country nationals and expatriates traveling outside of their home countries on medium to long-term business assignments.
Sagicor has enjoyed considerable growth and financial success during its existence, particularly in the last decade. At the end of 2002, shareholders’ equity was US$ 234 million, while revenue for the Group approached US$ 335 million with group net profit from operations of US$ 36 million. Sagicor has been successful in growing and retaining its client base over the years and today has over half a million customers.
Sagicor’s strategic direction is well developed and recognizes the need to respond to the challenges of globalization by focusing on long-term customer relationships. In addition, it focuses on service integration and partnering in an increasingly inter-connected world to offer comprehensive integrated solutions to customers worldwide.
Sagicor has successfully built a world-class, globally competitive group based within the Caribbean.
Reproduced from Business Barbados 2004 with the permission of Caribbean Business Publications.
