Global Life rebranded as Sagicor Life of the Cayman Islands

Tuesday, February 10, 2004

Maxine MacLure, President and CEO of Life of Jamaica Limited, has announced that Global Life Assurance Company Ltd. (Global Life) has been rebranded as Sagicor Life of the Cayman Islands Ltd. (Sagicor Life). 

According to Ms MacLure, the rebranding exercise is the second plank in a two-phased development plan for the 

company. The first phase was successfully carried out on 1 January, when Global Life acquired the portfolio of Capital Life Insurance Company in Cayman. Capital Life is a subsidiary of the Sagicor Group and the acquisition consolidates Sagicor's life insurance operations in Cayman. 

The Sagicor Group operates in some 20 countries across the region including Trinidad and Tobago, Panama, Belize, St Lucia and Antigua. Total assets of the group stand at US$1.4 billion. Assets under management approach US$1.9 billion and the group's long-run return on its invested assets approaches eight percent. At the end of 2002, shareholders' equity was US$234 million. 

Michel Trumbach, who has managed Global Life for more than 10 years, will continue as manager of Sagicor Life. 

Mr Trumbach insisted that the rebranding exercise would not affect the quality of service offered to the company's clients. 

"Our acquisition of Capital Life's portfolio was smoothly executed and we expect that the rebranding of Global Life to Sagicor Life will only further enhance the service we offer to our clients as we focus on consolidating and strengthening our existing operations," he said.

Mr Trumbach also emphasised that all valid contracts that clients currently held with Global Life and Capital Life will remain valid under the existing terms and conditions against Sagicor Life.

Sagicor Life will continue to operate from the current Global Life location at 198 North Church Street, Grand Cayman. One of the major exercises to be carried out as part of the rebranding will be changing the name of the building from Global House to the Sagicor Building.

Serving on the Board of Directors of Sagicor Life are Chairman Kendrick Marshall, Maxine MacLure, Michael Fraser, Dodridge Miller and Philip Osborne.

Customers are invited to visit Sagicor's offices up until Tuesday, 10 February, to speak with the management and staff about the recent developments.

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