Sagicor Group Jamaica Limited (SJ) has started 2024 with a splash, announcing on Monday that its Costa Rican joint venture had acquired Sagicor Panama SA in the latest move towards growing its regional footprint.
The acquisition was consummated on January 1 with Sagicor – Capital & Advice Spain SL, a subsidiary of Sagicor Costa Rica SA, acquiring the Panamanian business from Sagicor Life Inc at book value or equity. Sagicor Panama’s equity value at the end of December 2022 was $5.61 million Panamanian Balboa or J$846.99 million. Sagicor Panama is led by its General Manager Juan Carlos Martinelli and Sagicor Costa Rica by Fernando VÃquez Pacheco.
“The acquisition of Sagicor Panama is a key step in our strategic objective of regional expansion. We are confident that our expertise in and commitment to providing insurance solutions will add value to clients across Latin America as we move forward into new markets over the next few years,” said Sagicor Group President and CEO Christopher Zacca in a disclosure which noted it received no objections from Panamanian and Jamaican regulators.