BRIDGETOWN, Barbados, Thursday September 27, 2018 – Sagicor General Insurance Inc (SGI) has completed an amalgamation with Harmony General Insurance Company Ltd after getting regulatory approval by the Financial Services Commission.
Keston Howell, President and CEO of Sagicor General Insurance Inc, said the move to combine operations with Harmony General “provides the opportunity to expand Sagicor General’s insurance footprint in Barbados”.
Commenting on the amalgamation’s impact on clients, Howell added: “I welcome our new clients into the Sagicor family. I assure you that this new relationship comes with a commitment from the entire SGI team. All our clients can be assured that they will be provided with the highest levels of service from an experienced team with a knowledge base built over 138 years of operation.”
A transition team is working on the integration of the operations of the two entities.
Going forward, Harmony General will be rebranded as Sagicor General Insurance, and customers will benefit from SGI’s recently reaffirmed “A- (Excellent) A.M. Best rating.
The rating, according to the global ratings agency, reflects, “Sagicor General’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.”