Sagicor Financial Withdraws From Acquisition Of ScotiaLife

Sagicor Financial Co. Ltd. says it will not go ahead with its acquisition of ScotiaLife Trinidad and Tobago Ltd. The company made the decision after it and Scotiabank Trinidad and Tobago Ltd. agreed not to proceed with a 20 year distribution agreement for insurance products in Trinidad and Tobago. Sagicor provides financial services in the Caribbean as well as life insurance in the United States. The announcement follows a decision last year by Sagicor to call off its deal to buy Scotia Jamaica Life Insurance Co. Ltd. following a similar decision regarding a distribution agreement. Sagicor had announced its plan to buy both operations in November 2018. Scotiabank says however it remains committed to providing high-quality insurance solutions to their customers through ScotiaLife Trinidad & Tobago Limited - an obligation they say will be supported by ongoing investments in insurance systems, new products and digital solutions to help their customers with all their protection needs.