Insurance giant Sagicor Life Jamaica (SLJ) will initially invest US$6 million to enter the Costa Rican market, according to its financial report for the year ended December 2012.
Sagicor aims to grow revenues via its new venture in Central America. It received regulatory approval to operate an insurance company last month in Costa Rica but the company previously did not disclose the expected value of its investment there.
“At year end the company’s share of capital invested was US$6 million,” stated Sagicor in its just released financials. “Sagicor injected its 50 per cent share of capital in a joint venture company, Sagicor Costa Rica through its wholly-owned subsidiary Sagicor St Lucia.”
Sagicor now operates in Jamaica, the Cayman Islands, St Lucia and Costa Rica.
