StockMarketWire.com - Sagicor Financial said subsidiary Sagicor Life had agreed to acquire the traditional insurance portfolios to support the liabilities of both Colonial Life Insurance Company and British American Insurance Company in Trinidad.

Contracts with respect to Colonial's pension fund administration, management and investment services operations would also be acquired by Sagicor Life.

About $1.2bn of total investment assets were proposed to be acquired to offset a similar amount of actuarial liabilities, which were expected to be assumed.

The vendors would provide customary warranties and establish customary escrow funds at closing in case indemnifiable claims arise.

The completion of the transactions were subject to a number of conditions, including the receipt of required regulatory approvals, and the absence of a material adverse change.




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