Sagicor rating affirmed following ivari purchase

Sagicor Reinsurance Bermuda has had its A- financial strength rating affirmed following the completion of the sale of Canadian life insurer ivari to its parent company Sagicor Life.

Am Best affirmed the ratings of all of Sagicor’s operating subsidiaries following the completion of the sale of the company from Wilton Re, which has operations in Bermuda, for CAD 375 miillion.

It said the outlook was stable.

AM Best also downgraded the FSR to A- from A of ivari revised the implications status to developing from negative. This was because ivari is no longer supported by Wilton and its ultimate owner, the Canada Pension Plan Investment Board.

AM Best added: “The ratings of Sagicor Reinsurance Bermuda reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings benefit from a capital maintenance agreement with Sagicor Financial Company, Ltd.”