As Sagicor Financial Corporation (SFC) moves to strengthen its regional operations through a merger of Sagicor Group Jamaica (SGJ) with Barbados-headquartered Sagicor Life Inc (SLI) into a single entity, the parent is considering opportunities to scale both in the Caribbean and Latin America and expand its portfolio offerings throughout the region.

In response to a question from Our Today on the transaction’s implication on SGJ’s subsidiaries, Andre Mousseau, president and CEO, SFC, explained, “Commercially, this is a fabulous opportunity for us to expand throughout the rest of the English-speaking Caribbean to do what we’ve already accomplished here in Jamaica, which is to take our strength in life insurance and move it into broader financial services. And so, as you look at the playbook that has been accomplished by Chris [Zacca] and his predecessors in assembling this wonderful company of Sagicor Group Jamaica, we look forward to the opportunity to do that throughout all of our markets.”

His response came during a press briefing at Sagicor Group Jamaica’s auditorium in New Kingston, St Andew, on Tuesday, December 16, where he, along with SGJ President and CEO Christopher Zacca and SLI CEO, announced the merger of the two entities in Sagicor Group Caribbean.

“Combining Sagicor’s Caribbean operations under a single, new, publicly listed holding company is a significant and positive evolution for Sagicor’s customers, for our policyholders, for our shareholders, and indeed for the regional strength of the Caribbean. As the parent company of both Sagicor Group Jamaica here and Sagicor Life, Inc. in the Southern Caribbean, SFC, or Sagicor Financial Company, is committed to building a stronger, more nimble, more competitive organisation across the region,” Mousseau outlined at the beginning.

“Now today, rapidly changing technologies are creating opportunities to radically transform the ways in which we do business. At the same time, they’re accelerating our customers’ expectations. To continue leading, we have to simplify how we operate, work together, and take advantage of the best of our talent to make this happen,” he continued.

While the merger is subject to shareholder and regulatory approvals, it is a step towards advancing “the collective vision of a more unified, efficient and regionally integrated Sagicor presence throughout the region”, known as the ONE Sagicor strategic vision.

Once approved, the merged entity will carry a value of US$6.9 billion in assets, generating combined revenues of US$1.3 billion. Through a scheme of arrangement, Sagicor Group Caribbean will replace SGJ as the listed entity on the Jamaica Stock Exchange to provide continuity and transparency for shareholders.

Already, SGJ and SLI operate in 16 jurisdictions in the Caribbean basin, including in Central America. The transaction will not impact the shareholding structure of SGJ or SFC, as Pan Jamaica Group is a significant shareholder in the Jamaican entity while JMMB owns a 24 per cent stake in the parent, SFC.

In addition, parent SFC operates a digitally oriented Sagicor Bank in Barbados; however, the merger will not impact that entity.

When asked about looking beyond the archipelagic Caribbean, Mousseau noted: “So, my CEO from Canada has an empire which is much broader than the Caribbean. North America plays a huge role in SFC, both Canada and the US, in terms of San Diego, California. We do have already existing a Latin American business plan. We now operate in Panama and Costa Rica, and we are constantly looking for other opportunities.”

SGJ acquired Sagicor Panama from SLI back in January 2024, aiming to “further diversify its product offerings in the Latin American market”.

Outside of its Jamaican-based companies, Sagicor Group Jamaica also comprises Sagicor Life of the Cayman Islands, Sagicor Investments Cayman and Sagicor Costa Rica as part of its group structure.

When the merger is completed, former SLI CEO and previous SFC president Dodridge Miller will chair the merged Caribbean entity. At the same time, Sagicor Group Jamaica CEO Chris Zakka will be the chief executive officer of Sagicor Group Caribbean.

Robert Trestrail will remain as CEO of Sagicor Life Insurance.

Zacca described the announcement as a “defining moment for Sagicor in the Caribbean”, adding that it will “position us as one of the region’s most diversified financial groups”.

“By bringing SLI together under a single holding company, we will create a more aligned, more agile, and more regionally focused organisation. This is not about changing who we are. It’s about enhancing how we operate,” he stated.

“Sagicor Jamaica and SLI are both strong, respected institutions with long histories of serving Caribbean countries, and together we can build a regional champion with deeper capabilities, a broader reach, and a more consistent client experience. Sagicor Caribbean will give us the structure to deliver on that vision,” the SGJ CEO and president continued.

Beyond the opportunity to expand into Latin America and offer commercial and investment banking throughout the Caribbean, the merger of SGJ and SLI will also benefit staff. Trestrail pointed out opportunities for cross-training, upskilling and career mobility possibilities, as well as working outside of one’s domestic market.

“In a large organisation, opportunities will present themselves for people to pursue new roles, different roles. Someone who may have been located in one part of our region may have opportunities to spread their wings, take on responsibilities outside of that domain and engage people that they may not necessarily have engaged in the past,” he pointed out.

Moreover, customers stand to benefit from the merger as Sagicor expands its product offerings, modernises its service delivery, and leverages technology. According to Sagicor, the integration process will come with more seamless client experiences, more comprehensive financial solutions, and greater access to Sagicor’s regional capabilities.