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Sagicor Financial, one of the largest financial services groups in the Caribbean, completed move of its holding company to Bermuda from Barbados. Conyers Dill & Pearman advised Sagicor on the move.
Sagicor Financial Corporation is a Caribbean-based multinational financial services firm which has been in operation for over 175 years. The company operates in 22 countries in the Caribbean, the US and Latin America and is currently listed on the London Stock Exchange, Barbados Stock Exchange and Trinidad Stock Exchange.
On 8 June 2016, the shareholders of the company approved the discontinuance of the company from Barbados to Bermuda. Taking into consideration Bermuda’s historically strong and stable infrastructure and credit ratings, a continuance to Bermuda was deemed to be in the best interests of the company. It is expected that the company’s continuance will provide the potential for an improved credit rating and better access to capital to fund future development, as well other business opportunities.
David Cooke and Sophia Greaves, both Conyers’ Directors, advised on the transaction, along with Associate, Sarah Lusher.
David Cooke said: “Sagicor’s choice of Bermuda has reaffirmed Bermuda’s position as an attractive jurisdiction and domicile of choice in the international financial services industry”.
The continuance was completed on 20 July 2016 and the company is now known as “Sagicor Financial Corporation Limited”.
“It was a pleasure to advise Sagicor on this important transaction. We look forward to a long relationship with the group”, concluded Sophia Greaves.