Sagicor Life Insurance Company (Sagicor) is pleased to announce that it has reached an agreement to acquire all of the outstanding shares of PEMCO Life Insurance Company (PEMCO Life) from PEMCO Mutual Insurance Company (PEMCO), a Washington based company. The transaction is subject to approval by the Office of the Insurance Commissioner of the State of Washington. Through this acquisition, Sagicor will acquire approximately 10,000 term and whole life policies and 7,500 new clients.
PEMCO has decided to exit the life business to concentrate on its core business of personal lines, property-and-casualty insurance and has chosen Sagicor specifically because of its focus on customer service, its commitment to community and corporate citizenship, and its financial strength. PEMCO and Sagicor are committed to make the transaction as seamless as possible for policy owners.
Sagicor has been in the life insurance business for almost 60 years and has experienced strong business growth since joining the Sagicor Financial Group in 2005. It has total assets of US $870 million and is rated "A-" (Excellent) by A.M. Best Company. In addition to its financial strength, Sagicor is known for its innovative products and excellent customer service. It recently launched simplified issue whole life and no lapse universal life insurance products specifically designed for healthy individuals, ages 18 to 65 years. With no medical exam necessary, the simplified issue process is designed to greatly enhance the policyholder experience.
Bart Catmull, Sagicor's Chief Operating Officer noted "We are excited about this agreement with PEMCO. PEMCO Life has provided quality life insurance products to the communities in the State of Washington since 1963. As we discussed this transaction with PEMCO, we could not help but be impressed with their commitment to the community and our shared values. We already see the PEMCO Life policyholders as members of our Sagicor family and are looking forward to providing them with quality service for years to come."
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