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TAMPA — Sagicor Life Insurance Co., with more than $930 million in total assets, acquired PEMCO Life Insurance Co., a Seattle-based firm with clients in Washington and Oregon.
Terms of the deal, announced late Friday, were not disclosed. PEMCO has about 7,500 policyholders, according to a release. Sagicor USA, with a headquarters in the Westshore area of Tampa and offices in Plantation and Scottsdale, Ariz., has about 60,000 policyholders.
Sagicor, with products and services in 44 states and Washington, D.C., has been in the life insurance business for nearly 60 years, according to the release. Formerly American Founders Life, the firm was initially founded in the 1800s in the Caribbean, when it was the Barbados Mutual Life Assurance Society. Sagicor Financial Corp., a Barbados-based firm with operations in 22 countries, acquired the firm in 2005.
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