Untitled Document

Sagicor 175th Anniversary

Mr. Stephen D. McNamara, CBE

Executive Stephen McNamara

Executive Welcome

Moments.   Our company is made of billions of them.  Over 5.5 billion seconds to be exact. We think of them as moments, because we strive to make a difference for our customers and shareholders and our communities.  Everything can change in a moment and we’ve seen it many times over the last 175 years…..

This year, the Sagicor Group of Companies marks a very special moment - 175 years of financial and commercial service to the Caribbean and the world beyond.

Our company began its journey in 1840 in the immediate aftermath of the ending of the slave system – a system that had supported the plantation enterprises of the region and wider Americas. For over two hundred years, the leading business sector relied overwhelmingly on the British capital and money markets for financial support and when interest in our economy declined, a local need for the establishment of an indigenous financial services industry arose.

In Barbados, this development saw the emergence of the Barbados Mutual Life Assurance Society – or The Mutual - dedicated to the provision of commercial credit, insurance services, mortgage financing, and debt management.  These services supported the export competitiveness of the colonial economy. During the first ten years of its creation, The Mutual expanded across the Caribbean, establishing a sustainable financial system that once again, contributed considerably to the survival and modernization of the Caribbean economy.

This is how the Mutual built a solid regional base in the business of insurance and financial services. For another hundred and fifty years, the Mutual was identified with the commercialization of the agricultural economy into broad-based commercial and financial services industries. And with that, its reputation became associated with economic resilience and sustainability. 

As our region transitioned into the matured stage of political independence and nation building, the democratizing demands of citizens called for another phase of transformation which better aligned economic life with new approaches and practices within the global business culture. It was within this discourse that decisions were taken to demutualize and rebrand the Mutual in 2002. This process led to the birth of Sagicor.

Since then, we have charted a path that has led to the emergence of the Sagicor Group of Companies, a dynamic, global financial services conglomerate. We built on over one hundred and fifty years of legacy, consolidating and pioneering our expertise in financial services, insurance, annuities, pensions, banking, investments, wealth management, and card services. Listed on regional and international Stock Exchanges between 2003 and 2008, our Group has accumulated a sizeable and sustainable portfolio to be globally competitive. Its brand identity is respected and sustains our efforts at product diversification and resilience.

Since demutualization, our international agenda has been conceptualized and implemented by a dedicated and gifted professional team of management and staff. Led by a visionary entrepreneurial talent in the person of Group President and CEO Dodridge Miller, our company has grown in strength and is well-positioned in the markets we serve. In all of these developments, we are focused on attaining and sustaining profitability, as well as creating an environment for our colleagues that is professionally uplifting and personally satisfying. We have done it together, and we have good reasons to celebrate the achievement of 175 years of service to the region and wider world.

There is much more to be done. We have unfinished business that is clearly set out in our strategic plan to which we must dedicate ourselves. As we look toward our bicentenary, all of us within our group of companies will focus on what is right for our customers, shareholders, investors, and the wider communities we serve. We will move forward, despite the challenging times which we confront, to move Sagicor forward in a spirit consistent with the fine values we share and hold dear as we create new moments into the future.

…… We look forward to more great moments for our customers, shareholders, investors and our wider-communities, but the real moments that stand out for us are the moments when we touch someone’s life, or help to improve our communities.

Sagicor – 175 Years of Wise Financial Thinking for Life