Sagicor Financial acquires ivari from CPP Investments-backed Wilton Re

Based in Toronto, ivari is the second largest provider of universal life insurance in Canada.

  • The deal aligns with Sagicor’s strategy of growing in individual life insurance and diversifying into adjacent geographic markets
  • Ivari adds C$13.9 billion to Sagicor’s existing assets
  • The company has grown with an 11 percent new paid premium compound annual growth rate from 2017 to 2021

Sagicor Financial has acquired ivari from Wilton Re. The deal is expected to be paid in cash at closing at a valuation of C$325 million ($249 million, €249 million).

Based in Toronto, ivari is the second largest provider of universal life insurance in Canada. It has grown with an 11 percent new paid premium compound annual growth rate from 2017 to 2021.

The deal with Sagicor will result in a Caribbean-headquartered international life insurance company with major operations in the Caribbean, the US and Canada.

“Today we have taken a new step in shaping Sagicor’s future,” said Dodridge Miller, group president and CEO of Sagicor.The acquisition of ivari transforms Sagicor into a leading North American insurer serving the middle-market in addition to our market leadership in the Caribbean. We are excited about ivari’s leading position in the Canadian market and its focus on improving its customers’ financial well-being. It is a scaled business primed for growth with C$13.9 billion in well-managed assets as of year-end 2021 and a dedicated and focused management team. Through this acquisition, Sagicor will double the size of its balance sheet and deliver its over 180 years of experience in individual life insurance to the Canadian market.”

“Ivari is pleased to join the Sagicor Group of companies,” said Todd Lawrence, President and Chief Executive Officer of ivari. “Over the past several years, we have simplified our business model to focus on where we have scale and deep and meaningful relationships to provide exceptional service to our advisors and customers. ivari is focused on accelerating our growth in the underserved middle-market in Canada and distributes through a strong independent distribution network based on a long history of relationships built on trust.

Wilton Re has been owned by Canada Pension Plan Investment Board since 2014. CPP Investments manages the combined funds of the 21 million contributors and beneficiaries of the Canada Pension Plan. It invests across asset classes and is based in Toronto. As of March 31, the fund totaled about C$415 billion.