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Over the past six months, the Fair Trading Commission has reviewed and approved two mergers within the insurance industry. The merger between Sagicor General Insurance Inc. and Harmony General Insurance Company Limited involved Sagicor’s acquisition of the entire issued share capital of Harmony, constituting the sale and reinsurance of non-life insurance services in Barbados; details may be accessed here.
The determination on the merger between Sagicor Financial Corporation Limited and Alignvest Acquisition II Corporation involved Alignvest’s acquisition of all the shares of Sagicor Financial (domiciled in Bermuda but operates in Barbados through local subsidiaries), which constitutes the sale of life and non-life insurance services in Barbados; details be accessed here.
December 9, 2019