SAGICOR Financial Company Limited is pressing ahead with a major Caribbean merger and digital transformation strategy despite first-quarter losses and heightened market volatility, as the insurer prepares to consolidate regional operations under a new Jamaica-listed holding company.

“It’s going to unlock a tremendous amount of value, and we have conviction that our employees and team members are going to feel it. We’re very energised by this already. Our policyholders will feel it as we’re able to make investments with this critical mass in digital technology that will make it easier and easier to interface with us throughout the Caribbean,” said SFC President and CEO Andre Mousseau at the company’s shareholder meeting held on Wednesday in Barbados.

SGC is the proposed vehicle to complete the merger of Sagicor Group Jamaica Limited (SGJ) and Sagicor Life Inc. (SLI). The new company will become the holding company for SFC’s Caribbean operations and will be publicly listed on the Jamaica Stock Exchange (JSE). The sole assets of this entity will be SGJ and SLI, which act as holding companies for Sagicor’s Caribbean operations.