Wilton Re Ltd., a provider of in-force and reinsurance solutions in the North American life insurance industry, has entered into an agreement to sell Toronto-based life insurance company ivari to Sagicor Financial Company Ltd. 

Wilton Re acquired the operations of ivari in 2015. 

“ivari has been a great investment for Wilton Re over the past seven years,” said Dmitri Ponomarev, CEO of Wilton Re. “Under Sagicor’s ownership, we are confident that ivari and its management team will continue to grow in the Canadian market. The transaction will allow Wilton Re to focus more on its administrative reinsurance strategy and clients.” 

$11 billion in total assets under management 

ivari provides individual life and critical illness insurance solutions for the Canadian middle-market. The insurer had $11 billion in total assets under management in 2021 and is a leading provider of universal life insurance in Canada. Currently, ivari has about 700,000 policyholders across Canada and more than 250 employees.

The acquisition of ivari aligns with Sagicor’s business strategy of growing in the individual life insurance area and diversifying into adjacent geographic markets, says the company. 

The ivari sale is part of Wilton Re’s efforts to evolve its business and provide life insurers with customized solutions to meet their capital needs.

“Over the last eight years of our investment, the company has produced innovative solutions for clients and deployed capital successfully and we look forward to the next chapter of the company’s growth,” said Sam Blaichman, Managing Director and Head of North America, Direct Private Equity, Canada Pension Plan Investment Board (CPP Investments).

Wilton Re has been and continues to be majority owned by CPP Investments, a professional investment management organization, since 2014. 

Looking for growth in the Canadian market 

Sagicor has identified Canada as a key area of growth with the purchase expected to take several quarters to close. Sagicor currently operates in 20 countries throughout the Caribbean and Americas. It is a publicly traded company listed on the Toronto Stock Exchange
In 2005 Sagicor began making acquisitions in the United States. Since then it has increased its life insurance in force face value from $1.7 billion to $9.3 billion.