Sagicor looks to buy back

Fresh from an ownership change that has left it holding more cash, Sagicor is looking to buy back US$320 million in securities from institutional investors overseas.

But the company says it does not expect any “material” takers of the offer, given that the notes in question are trading at a premium higher than the price that is now on the table until next month.

This comes amid some senior personnel changes at the group, including Ravi Rambarran succeeding the retiring Dr Patricia Downes-Grant as president and chief executive officer of Sagicor Life Inc., effective December 16.

Sagicor also has a new board chaired by Timothy Hodgson. Effective December 17, Andrew Aleong, Dr Jeannine Comma, Marjorie Fyffe-Campbell, Richard Kellman, Richard P. Young, and William Lucie-Smith are no longer directors of the company.

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