S&P affirms Sagicor

Standard & Poor's said it affirmed Sagicor Life Inc.'s BBB+ long-term counterparty credit and financial strength ratings and Sagicor Finance Ltd.'s BBB long-term senior unsecured debt on the $150 million senior unsecured obligations with up to 10-year maturity.

The outlook is stable.

The ratings reflect Sagicor's strong operating performance, conservative underwriting discipline, good profitability and strong capitalization levels, along with its dominant market position as the leading life insurer in the Caribbean, according to the agency.

These factors are partly offset by concentrated investments in Jamaica (B/stable/B), which is mitigated by holding capital against such assets, as well as aggressive inorganic expansion plans, the agency said.

The rating on the senior unsecured obligations reflects the subordination of the notes to obligations owed to policyholders and creditors of Sagicor's subsidiaries, S&P said.

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