Tuesday, February 12, 2013

Sagicor appoints JLT Advisory to sell Lloyd’s business

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AppId is over the quota
8 February 2013 |By Newsdesk

Sagicor at Lloyd’s put up for sale again

Caribbean insurer Sagicor Financial Corp has appointed JLT Advisory to sell its Lloyd’s operation, Global Reinsurance understands.

Sagicor instructed Morgan Stanley to sell its Sagicor at Lloyd’s business two years ago.

Stone Point and Torus were among the bidders for the business in 2011, but the process was called off in late June that year after the bids failed to meet price expectations.

Global Reinsurance understands that JLT has sounded out potential buyers for the company.

Sagicor at Lloyd’s is a Lloyd’s managing agent that runs Syndicate 1206 and a life syndicate.

Sagicor, which was formerly owned by HDI Gerling, writes liability insurance, property, personal accident, credit and political risks, and directors’ and officers’ insurance, according to its website.

Sagicor made a loss of £27m in 2011 and £11m in 2010.

JLT declined to comment.

Sagicor has not yet responded.



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