Skip to main content

Sagicor Financial Co. Ltd. says it will not go ahead with its acquisition of ScotiaLife Trinidad and Tobago Ltd.

The company made the decision after it and Scotiabank Trinidad and Tobago Ltd. agreed not to proceed with a 20-year distribution agreement for insurance products in Trinidad and Tobago.

Sagicor provides financial services in the Caribbean as well as life insurance in the United States.

The announcement comes after a decision last year by Sagicor to call off its deal to buy Scotia Jamaica Life Insurance Co. Ltd. following a similar decision regarding a distribution agreement.

Sagicor had announced its plan to buy both operations in November, 2018.

Financial terms of the sale were not disclosed at the time, but Scotiabank said that the transactions were not financially material.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Report an error

Tickers mentioned in this story