Acquisition gives Sagicor entry to London market
Sagicor, through its subsidiary Sagicor Europe, has purchased the Gerling at Lloyd's Group (GAL).
GAL encompasses the managing agency, Syndicate 1206, its capital provider and its service company. The syndicate currently has capacity of £60.25m and specialises in short tail lines of business. The management team, led by chief executive Geoff Halpin, will remain with GAL.
The vendor is Gerling-Konzern Allgemeine Versicherungs.
Commenting on the acquisition, Dodridge Miller, Sagicor president and chief executive of Sagicor Financial Corporation, said: "This is our first acquisition in Europe since obtaining a secondary listing on the London Stock Exchange and this extends our operating base to the important London market, which is in line with our international business strategy.
"Geoff Halpin has established a strong team at Gerling which is robustly growing its business.
"This acquisition will further enhance the profile of the Sagicor Group and I am pleased to welcome them to Sagicor."
Sagicor Financial Corporation is a Caribbean-based financial services company with total assets in excess of US$3.3bn.
The group operates in 22 countries, including the US, Latin America and the Caribbean.
