TAMPA – A.M. Best Company has upgraded the financial strength rating (FSR) of Sagicor Life Insurance Company (Sagicor Life USA) to A- (Excellent) from B++ (Good). The outlook for the company is stable.
The new rating reflects Sagicor Life USA’s parent company’s commitment to its aggressive new business growth strategy, mainly through a commitment for planned surplus contributions, as well as the subsidiary’s integral role in developing and growing the Group’s footprint in the United States life insurance industry.
In executing its long-term growth strategy in the intensely competitive US market, Sagicor Life USA will continue to introduce tangible and valuable attributes of financial stability, wisdom, integrity and strong agent/consumer relationships which the brand represents in its home region.
“This is an exciting day for Sagicor because an “A” rating is a key step to making our agents’ jobs easier to distribute our product solutions and provide an enhanced sense of security and stability to our customers. We are very committed to providing exceptional products and services and are dedicated to working together to create the future they want,” said Ken Marshall, President and CEO.
Concurrently AM Best also affirmed the FSR rating of “A” (Excellent) for the other key subsidiaries within the Sagicor Group, namely Sagicor Life Inc., Sagicor Capital Life Insurance Company and Life of Jamaica Ltd. The Sagicor Financial Group has strong brand recognition and favourable risk-adjusted capitalization in the Caribbean region with access to additional capital resources from the London, Barbados and Trinidad stock exchanges.
Sagicor Life Insurance Company
Sagicor Life Insurance Company (Sagicor Life USA) is licensed in 44 states and the District of Columbia, a licensed reinsurer in 45 states and DC and a third- party administrator in all 50 US states. Sagicor Life USA is a wholly-owned subsidiary of Sagicor Financial Corporation, one of the oldest insurance groups in the Americas, with operations in 22 countries including the United States, Latin America and the Caribbean.
