Caribbean insurer’s nine-month net income halves
Caribbean insurance group Sagicor Financial Corporation made a net profit of $33.4m in the first nine months of 2010, down 48% on the $64m it made in the same period last year.
The company attributed the slump in part to the catastrophe claims experienced by its UK operations during the period, and also favourable actuarial liability adjustments in 2009 at Sagicor Jamaica and Sagicor US that did not recur in 2010.
The insurer’s property/casualty operations incurred combined claims from the Chilean and New Zealand earthquakes of $16.8m, resulting in a net loss of $9m for the first nine months of the year. Some $7.8m of this was booked in the third quarter alone.
Sagicor chairman Stephen McNamara said that while the tropical storm Tomas, which hit the Eastern Caribbean in early November, is expected to generate additional property/casualty claims in the fourth quarter, preliminary reports indicate that the level of claims will not have a significant effect on the Group’s results.
