In a landmark hybrid gathering hosted both in-person at the R. Danny Williams Building Auditorium on Kingston’s Barbados Avenue and via digital access, shareholders of Sagicor Group Jamaica Limited formally voted to pass the court-mandated Scheme of Arrangement and all associated resolutions for the firm’s long-planned Caribbean regional restructuring, clearing a critical procedural hurdle to unify Sagicor Jamaica and Sagicor Life Inc. under a new parent entity, Sagicor Group Caribbean Limited. Overseen by independent scrutineers from KPMG Regulatory & Compliance Services Limited, with voting administration handled by Sagicor Jamaica’s official registrar Sagicor Bank Jamaica Limited, preliminary vote tallies confirmed the restructuring scheme secured the mandatory dual thresholds for approval: backing from shareholders representing both the required headcount and total share value. Every additional resolution tabled at the concurrent Extraordinary General Meeting also received full shareholder endorsement. Despite this significant milestone, the restructuring initiative is not yet finalized. The Scheme of Arrangement still requires formal sanction from the Supreme Court of Judicature of Jamaica, followed by official registration of the court’s approval order with Jamaica’s Registrar of Companies. The full rollout of the broader Caribbean reorganisation is also contingent on securing all necessary cross-jurisdictional regulatory clearances, arranging required financing, and satisfying a suite of pre-defined closing conditions. The two-phase restructuring framework will first position Sagicor Group Caribbean as the new publicly listed parent entity of Sagicor Jamaica, replacing the latter’s listing on the Jamaica Stock Exchange, with existing Sagicor Jamaica shareholders set to receive one Sagicor Caribbean share for every unit of Sagicor Jamaica stock they currently hold. The second phase will see Sagicor Caribbean complete the acquisition of Sagicor Life Inc. and execute all related transactions outlined in the official Combined Scheme and EGM Booklet, uniting the two operating businesses under a single regional holding company. Leadership states the consolidated structure is designed to build a more robust, geographically diversified regional financial services group with expanded capacity to channel resources into long-term growth initiatives, digital transformation upgrades, and enhanced end-to-end client experiences. Christopher Zacca, President and Chief Executive Officer of Sagicor Jamaica, extended gratitude to shareholders for their demonstrated support and trust in the company’s strategic future vision. Andre Mousseau, President and Chief Executive Officer of Sagicor Financial Company Ltd., echoed the sentiment, noting that the unified regional structure will enable coordinated cross-unit investment, shared operational capabilities, and more agile pursuit of untapped growth opportunities across the Caribbean by leveraging the combined on-the-ground expertise and long-standing client relationships of regional Sagicor teams. Sagicor Group Jamaica, a leading Jamaican financial services conglomerate founded in 1970 as the country’s first locally owned life insurance provider and the first life insurer listed on the Jamaica Stock Exchange, offers a full portfolio of services spanning banking, insurance, investments, real estate, asset management and retirement planning. As of the end of 2022, it ranked as the largest company on the Jamaica Stock Exchange by market capitalization, and operates as part of the broader Sagicor Financial Company Ltd. network, a global financial services leader with 180 years of operational history across the Caribbean, 90 years of presence in Canada, and a 70-year established footprint in the United States.
Sagicor Shareholders Approve Scheme of Arrangement and Caribbean Reorganisation
