Sagicor Life Insurance Company and PEMCO Life Insurance Company have reached an agreement in which Sagicor will acquire all of the outstanding shares of PEMCO Life from PEMCO Mutual Insurance Company. PEMCO decided to exit the life business to concentrate on its core business of personal lines, property/casualty insurance.
Sagicor has been operating in the life insurance market for almost 60 years. Recently, it launched simplified issue whole life and no lapse universal life insurance products specifically designed for healthy individuals, ages 18 to 65 years. Through the PEMCO acquisition, Sagicor will acquire approximately 10,000 term and whole life policies and 7,500 new clients.
The transaction is subject to approval by the Office of the Insurance Commissioner of the State of Washington.
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