The company’s release also revealed that ivari will invest additional equity capital in its business to meet IFRS 17 and OSFI’s LICAT 2023 capital adequacy standards prior to the closing of the transaction. rice field.
A subsidiary of Wilton Re, ivari is a leading middle-market individual life insurance company in business for over 80 years. The 250-strong Toronto firm currently has approximately 700,000 policyholders across Canada.
According to Sagicor, the acquisition of ivari is consistent with the company’s business strategy to grow in individual life insurance and diversify into adjacent geographic markets. The acquisition creates an international life insurance company headquartered in the Caribbean with major operations in the Caribbean, United States and Canada.
Dodridge Miller, President and CEO of Sagicor Group, said: He is excited about ivari’s leading position in the Canadian market and its focus on improving the financial well-being of its customers. “
Todd Lawrence, president and CEO of ivari, said: ivari is focused on accelerating growth in the underserved middle market of Canada and builds on a long history of relationships built on trust through a strong independent distribution network. for sale. “
read more: Hub International Acquires ivari’s Life Insurance MGA Business
In 2020, insurance brokerage Hub International acquired ivari’s life insurance MGA business. As part of the transaction, ivari’s life insurance brokerage and business was integrated into Hub’s subsidiary, Hub Financial.
Sagicor Financial Acquires Middle Market Individual Life Insurance Company ivari
Source link Sagicor Financial Acquires Middle Market Individual Life Insurance Company ivari