Sagicor Life Acquires PEMCO Life Insurance
According to the article on IFAWEBNEWS by Bob Graham, Sagicor Life Insurance Company is acquiring the life insurance policies and clients of PEMCO Life Insurance. This will be an important acquisition for the insurer and it should make a positive impact to their bottom line in 2012.
Sagicor Life Insurance is based in Tampa, Florida and is looking to purchase around 10,000 term and whole life insurance policies, including 7500 clients from PEMCO Mutual Insurance Company which is based out of Washington state. Financial terms have not been disclosed and the transaction is currently still subject to approval by the Office of the Insurance Commissioner of the State of Washington.
PEMCO will remain in business, but they have decided to exit the life insurance industry at this time. According to Sagicor officials, they plan to put more focus into other parts of their company including personal lines and property-casualty insurance. Sagicor is a wholly owned subsidiary of Sagicor Financial Corp which markets mostly through independent agents and general agents. This acquisition will give them the opportunity to grow at a quicker pace and obtain their ultimate asset goal.