Sagicor Financial Company gets regulatory approvals to acquire Canada based life insurance firm ivari

Sagicor Financial Company has confirmed receiving regulatory approvals to acquire Canada based life insurance firm ivari.

Sagicor says the transaction is expected to close on or about October 3 this year, subject to the satisfaction of all closing conditions.

Last year Sagicor announced it was tipped to acquire ivari, one of the largest providers of universal life insurance in Canada.

The deal, once complete, will add 13.9 billion Canadian dollars to Sagicor's existing assets.

In August 2022, Sagicor said the expected consideration, to be paid in cash at close of the deal, is 325 million Canadian dollars.

ivari is headquartered in Toronto, with approximately 700,000 policyholders across Canada.