on January 1, 2023. The business estimated the transaction price to be roughly 235 million Canadian dollars. Ivari is a major Canadian middle-market individual life insurer and has more than 80 years of experience in the region.
According to Sagicor, Ivari offers individual life and critical illness insurance products for the middle market in Canada. Ivari employs about 250 staff and has a vast base of nearly 700,000 policyholders throughout Canada. The purchase was in line with Sagicor’s business goal of expanding its individual life insurance business and diversifying into neighboring geographic areas. According to Dodridge Miller, president and CEO of Sagicor group, “Today we have taken a new step in shaping Sagicor’s future. The acquisition of Ivari transforms Sagicor into a leading North American insurer serving the middle-market in addition to our market leadership in the Caribbean.”
Sagicor is enthusiastic about Ivari’s dominant presence in the Canadian market and its commitment to enhancing the financial well-being of its clients. Miller said, “It is a scaled business primed for growth with Can$13.9 billion in well-managed assets as of year-end 2021 and a dedicated and focused management team.” He expressed confidence, saying, “Through this acquisition, Sagicor will double the size of its balance sheet and deliver its over 180 years of experience in individual life insurance to the Canadian market.”
Todd Lawrence, president and CEO of Ivari, expressed enthusiasm over the acquisition. He said, “Ivari is pleased to join the Sagicor Group of companies. Over the past several years, we have simplified our business model to focus on where we have scale and deep and meaningful relationships to provide exceptional service to our advisers and customers.”
According to Lawrence, after the transaction, Ivari’s clients, distribution network, and other shareholders will continue to get the same quality of service as before. He said, “We are excited by our strong growth prospects and what the future of Ivari holds as part of the Sagicor Group of companies.” Sagicor is a major provider of financial services in the Caribbean and an emerging provider of life insurance products in the United States. Life, health, and general insurance, banking, pensions, annuities, and real estate are the major products and services offered by the organization.
