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BRIDGETOWN, Barbados The Barbados based life and pensions unit of Sagicor Financial Corp., has bought the Gerling at Lloyd's Group through its subsidiary Sagicor Europe Ltd.
Subject to regulatory approval, the rapidly expanding Sagicor will acquire the Gerling managing agency, Lloyd's of London syndicate 1206, its capital provider and its service company.
The syndicate currently has capacity of £60.25 million ($121.6 million) and specializes in short tail lines of business.
The management team at GAL is led by chief executive officer Geoff Halpin and will remain with GAL.
The seller is Gerling-Konzern Allgemeine Versicherungs Aktiengesellschaft, part of the Cologne, Germany based Gerling group that was taken over by Hanover-based Talanx Group.
Sagicor has expanded rapidly over the last five years within the Caribbean and into the United States and in February signaled its intent in Europe as it gained a listing on the London Stock Exchange.
Dodridge Miller, Sagicor President and chief executive officer of Sagicor Financial Corp., said: "This is our first acquisition in Europe since obtaining a secondary listing on the London Stock Exchange and this extends our operating base to the important London market, which is in line with our international business strategy. Geoff Halpin has established a strong team at Gerling which is robustly growing its business. This acquisition will further enhance the profile of the Sagicor Group and I am pleased to welcome them to Sagicor."