Sagicor Move ‘Reaffirms’ Strength Of Jurisdiction
Sagicor Financial, one of the largest financial services groups in the Caribbean, completed the move of its holding company to Bermuda from Barbados, with Conyers Dill & Pearman advising Sagicor on the move.
“Sagicor Financial Corporation is a Caribbean-based multinational financial services firm which has been in operation for over 175 years,” Conyers said.
“The company operates in 22 countries in the Caribbean, the US and Latin America and is currently listed on the London Stock Exchange, Barbados Stock Exchange and Trinidad Stock Exchange.
“On 8 June 2016, the shareholders of the company approved the discontinuance of the company from Barbados to Bermuda. Taking into consideration Bermuda’s historically strong and stable infrastructure and credit ratings, a continuance to Bermuda was deemed to be in the best interests of the company.
“It is expected that the company’s continuance will provide the potential for an improved credit rating and better access to capital to fund future development, as well other business opportunities.”
Left to right: Andrew Greaves, Anthony Chandler, Sarah Lusher, Dodridge Miller, Althea Hazzard, Sophia Greaves, Dr. Patricia Downes-Grant, David Cooke
David Cooke and Sophia Greaves, both Conyers’ Directors,advised on the transaction, along with Associate, Sarah Lusher.
David Cooke said: “Sagicor’s choice of Bermuda has reaffirmed Bermuda’s position as an attractive jurisdiction and domicile of choice in the international financial services industry”.
The continuance was completed on 20 July 2016 and the company is now known as “Sagicor Financial Corporation Limited”.
“It was a pleasure to advise Sagicor on this important transaction. We look forward to a long relationship with the group”, concluded Sophia Greaves.
One of the advantages of an excellent rating,
So when you hear of the Finance Minister wanting to ensure that our rate does not drop any further think of this development.
Very interesting!
At least they know how to be politically correct as they made no reference to Barbados 25% corporate tax rate and other taxes. Expect to see more firms doing likewise.