Business
Barbados based Sagicor Financial reducing London operations
Regional insurance group Sagicor Financial has decided to exit from two lines of business which produced underwriting losses of up to $BBD67 million (US$33.5 million) in 2011.
Chief Financial Officer, Philip Osborne disclosed to the media that the organization had sought to refine its strategy for its London-based operations at Sagicor at Lloyds (SAL).
He informed that the decision was made last year to target the two lines as they were the areas which displayed the most consistent areas of losses for the insurance giant.
Osborne outlined, “As a result of our experience with these catastrophes and with a previous loss of $13 million in 2010 we have decided to refine the strategy of the business and have decided to exit two of fourteen business lines Sagicor at Lloyds’ was engaged in.”