AM Best Upgrades Credit Ratings of Sagicor Financial Company Ltd. and Most of Its Subsidiaries

AM Best Upgrades Credit Ratings of Sagicor Financial Company Ltd. and Most of Its Subsidiaries

AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “a” (Excellent) from “a-” (Excellent) of most of the subsidiaries of Sagicor Financial Company Ltd. (Bermuda). These subsidiaries — Sagicor Life Inc. and Sagicor General Insurance Inc. (both domiciled in St. Michael, Barbados), Sagicor Life Insurance Company (Austin, TX) and ivari (Toronto, Canada) — collectively are referred to as Sagicor Financial by AM Best and representthe organization’s Canadian, United States and a portion of the Caribbean operating companies. In addition, AM Best has upgraded the Long-Term ICR to “bbb” (Good) from “bbb-” (Good) and the Long-Term Issue Credit Rating (Long-Term IR) to “bbb+” (Good) from “bbb” (Good) of the $550 million, 5.3% senior unsecured notes, due 2028, of Sagicor Financial Company Ltd., the ultimate parent. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Sagicor Reinsurance Bermuda Ltd. (SRBL) (Bermuda), as well as the FSR of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Sagicor Life Jamaica Limited (SLJ) (Kingston, Jamaica). The outlook of these Credit Ratings (ratings) is stable.