Bermuda life insurer Sagicor is set to make an aggressive assault on the UK general insurance market after snapping up the Gerling at Lloyd’s Group, last week
Bermuda life insurer Sagicor is set to make an aggressive assault on the UK general insurance market after snapping up the Gerling at Lloyd’s Group, last week.
Sagicor intends to more than double its non-life insurance business through the Lloyd’s managing agency and syndicate, its first acquisition in Europe since obtaining a secondary listing on the London Stock Exchange.
Ravi Rambarran, executive vice president, corporate strategy, at Sagicor, said: “We are prepared to inject capital as required to write more non-life business. We intend to build out our non-life insurance business both domestically and specifically in the UK market.”
General insurance currently makes up less than 5% of Sagicor’s overall business, which includes life insurance, pensions, annuities and health insurance.
Rambarran insisted the acquisition of Gerling, which specialises in property and casualty short tail business, would increase its non-life revenue from £15m to £75m.
He added: “We are a company that has made about 12 acquisitions in the space of three or four years.
“If an opportunity arises that meets our acquisition criteria then we will look at it.”
