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Sagicor Group Jamaica Ltd said on Tuesday it will merge with Sagicor Life Inc, unifying operations under a new holding company, Sagicor Group Caribbean, and in the process create a US$6.9-billion entity.
The deal, struck with parent Sagicor Financial Company Ltd, will consolidate insurance, banking, and investment services across the Caribbean.
“By merging our Caribbean operations, we are combining two institutions with deep roots and strong reputations across the Caribbean to form a regional champion with greater scale, capabilities, and reach,” stated Christopher Zacca, president and CEO of SGJ in a statement.
He added that the merger strengthens its competitiveness, reduces complexity, and creates a more focused platform, enabling the entity to accelerate digital transformation, by “pooling expertise, talent, and technology investments”.
The combined entity would control more than US$6.9 billion in assets and generate US$1.3 billion in annual revenues, according to the release. Sagicor Financial’s stake will rise from 49 per cent to about 55 per cent once new shares are issued, subject to regulatory and shareholder approval.
Currently, Sagicor Group Jamaica holds J$675.2 billion, equivalent to US$4.2 billion, in assets up to September 2025. Executives described the transaction as “accretion neutral” for shareholders, with upside potential from cost savings and revenue synergies.
“This combination marks a defining moment in Sagicor Group Jamaica’s evolution,” added Zacca, and that the merger would strengthen the company’s ability to withstand climate, economic, and geopolitical shocks.
Dodridge Miller, former CEO of Sagicor Financial, will chair the new holding company. Zacca will serve as CEO, while Robert Trestrail remains CEO of Sagicor Life.
The merger underscores a strategic pivot: simplifying corporate structure while investing in digital transformation. “By bringing together our operations, we can harness the power of synergy, leverage the depth of talent across our markets, and build a stronger, more resilient Sagicor: one capable of delivering enhanced value for our people, our clients, our stakeholders, and the communities we serve.,” said SFC CEO Andre Mousseau.
Robert Trestrail, president and CEO of SLI, said: “Through this merger, we are unlocking significant opportunities to honour the exceptional talent that exists within Sagicor across the Caribbean. Together, we will continue to craft a legacy of excellence, built on innovation, service, and a shared commitment to empowering Caribbean families to make wise financial decisions.”
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