(Barbados Nation) Sagicor Financial Corporation has officially moved its headquarters to the British oversees territory of Bermuda after more than 100 years in Barbados in its previous incarnation as The Mutual.
In a statement issued on Thursday, the company said following shareholder approval on June 8 decision, the company will continue as an exempted company under the laws of Bermuda under the name Sagicor Financial Corporation Limited.
Following several sovereign downgrades of Barbados by international ratings agencies Standard & Poor’s and Moody’s, the company said it was forced to consider moving its headquarters after the island lost its investment grade and Sagicor Financial too was hit by downgrades as a result of Barbados’ lowered rating.
Sagicor is one the region’s leading financial services companies, operating in 22 countries, including the United States and in Latin American countries. Sagicor has total assets of US$6.4 billion and US$739 million in capital.
