BYLES
LIFE OF Jamaica Limited (LoJ), a member of Sagicor Financial Corporation Group (Sagicor), through its subsidiary Sagicor Life of the Cayman Islands Limited (Sagicor Cayman), has announced its intention to acquire controlling interest in Cayman General Insurance Company (CGI). Cayman National Corporation (CNC) is the current parent company of CGI.
The new ownership structure will give Sagicor Cayman 51 per cent of CGI, with CNC having 24.2 per cent and the Cayman Islands Government having 24 per cent. The transaction is subject to regulatory approval.
Richard Byles, president and chief executive of LoJ, said "along with the individual life products we now offer through Sagicor Cayman, it will allow us to provide property and casualty insurance as well as augment our interest in health insurance."
MULTI-LINE INSURANCE
President of CGI, Dan Scott said, "LOJ and Sagicor's involvement will enable Cayman General Insurance to be one of the strongest multi-line insurance providers in the Cayman Islands."
The reinsurance programme of CGI was significantly strengthened following Hurricane Ivan and the adequacy of this
programme has been endorsed by independent consultants, Life of Jamaica stated in a release yesterday.
