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Sagicor Financial Corp receives approval to sell Sagicor Europe Ltd Group to AmTrust Financial Services Inc

Tuesday, 24 Dec 2013 02:00am EST 

Sagicor Financial Corp:Says it received approval from the regulatory authorities in the United Kingdom and the Cayman Islands to sell Sagicor Europe Ltd (SEL) and its subsidiaries, which include Sagicor at Lloyd's Ltd (SAL), to a wholly owned subsidiary of AmTrust Financial Services Inc.SAL is the managing agent of Lloyd's property/casualty insurance syndicate 1206, with stamp capacity of 200 million pound, and life insurance syndicate 44, with stamp capacity of seven million pounce.SEL is a Cayman Islands-domiciled holding company, and the sale also includes a reinsurance entity and two Lloyd's corporate members.The transaction will provide cash proceeds of £86 million to Sagicor, which consists of 56 million pound purchase price and the release of 30 million pound, which supported a Letter of Credit. 

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12 Dec 2014