Barbados-based wealth manager Sagicor Financial Co. Ltd. has stepped into the Canadian marketplace for the first time with the $325-million purchase of Toronto-based life insurer Ivari.
Ivari is one of Canada’s largest providers of individual life and critical-illness insurance products for the underserved middle market. It manages almost $14-billion in assets for more than 700,000 policyholders, and reported net income of $74-million in 2021. Wilton Re bought the company, formerly known as Aegon Canada ULC, from Aegon NV for $600-million in 2015.
Sagicor’s entrance into Canada aligns with the Caribbean insurer’s strategy to diversify into adjacent geographic markets – as well as expand its footprint in the individual life insurance market. Currently, Sagicor operates in markets within both the Caribbean and the United States. Sagicor has been operating for more than 180 years in a number of insurance products including life, health, pensions, annuities and real estate. The global insurer reported approximately $2.6-billion of annual total gross premium revenue at the end of 2021.
This is massive for the Caribbean. If Sagicor can, others can follow suit.