Sagicor sells European branch
Barbados-based insurance group Sagicor Financial has received the approval of regulatory authorities in the U.K. and the Cayman Islands to sell Sagicor Europe Ltd. and its subsidiaries for £86 million (US$141 million) to a wholly owned subsidiary of AmTrust Financial Services, Inc.
Sagicor Europe Ltd. is a Cayman Islands-domiciled holding company, and the sale also includes a reinsurance entity and two Lloyd’s corporate members. The transaction will provide cash proceeds to Sagicor, which consist of the £56 million (US$92 million) purchase price and the release of £30 million (US$49 million), which supported a letter of credit.
“This will remove Sagicor’s exposure to the volatility of the international property and casualty insurance market,” said Sagicor Financial president and CEO Dodridge Miller.
Sagicor had entered into a sales agreement with AmTrust Financial Services Inc in July. The discontinued Sagicor Europe Ltd. operation recorded a net loss of US$41.7 million for the first six months of 2013.
MCS appoints senior consultant
Dennis Suahnovs has joined MCS as a senior consultant. He will be a member of the Professional Services team to assist with the delivery of managed services and IT projects for new and existing MCS clients.
“We are delighted to have Dennis on board,” said MCS CEO, Chris Lopez. “His vast experience in delivering IT projects and support underlines MCS’s commitment to recruiting the most qualified and experienced IT professionals in Cayman. In addition, we are very confident that Dennis will be able to utilize his unique set of skills to assist in enhancing and expanding the services we offer.”
Mr. Suahnovs, who is an accredited project management professional, and a certified information systems security professional, also holds a number of technical certifications.
In addition, Mr. Suahnovs is also a published author on a range of technical publications for Microsoft, Cisco and Security+, including his latest textbook, “MCTS: Windows Server 2008 Active Directory Configuration Exam Guide,” which is currently in the Top 100 best-sellers in its category on Amazon.
BCQS completes audit
Property and development consultancy BCQS International recently completed a full onsite RICS audit.
The Royal Institution of Chartered Surveyors is a professional body for qualifications and standards in land, property and construction. RICS Regulation monitors, guides and assists members and firms to comply with rules, regulations and ethical standards. As part of the RICS valuer registration, RICS visits registered valuers to inspect processes in place and assess the quality of work being undertaken to ensure compliance with best practice.
“The audit process has been rigorous and thorough. We’re better for being audited and are pleased to get recognition for the quality of reports and service we offer all major banks and clients in the Caribbean,” said BCQS International Director Jeremy Superfine.
Michael McGrath, RICS member and Head of Valuations for BCQS International, said the firm found the audit process beneficial in order to maintain and enhance internal procedures.
CIBC FirstCaribbean hires wealth manager
CIBC FirstCaribbean has appointed Dan Wright to director, Private Wealth Management, within the bank’s Wealth Management Senior Leadership Team.
An experienced wealth management and private banking leader, Mr. Wright was most recently the head of International Wealth Management for Bank of Nova Scotia in Toronto with specific responsibility for their wealth management business in the Caribbean, Latin America and Asia. He was also chair of the BNS trust company in the Bahamas and a director of a number of Caribbean-based businesses in the Cayman Islands and Jamaica.
Mr. Wright will initially be based in CIBC FirstCaribbean’s Cayman Islands office.
Intertrust expands fiduciary team
Sabrina Foster and Christine Fletcher have joined Intertrust as directors in Fiduciary Services in the Cayman Islands. Both have a legal background and more than 26 years of combined Cayman experience.
“This new but growing trend – for fund lawyers to transition to independent directorship roles – is one that Intertrust has embraced, where historically the independent directorship space has been dominated by accountants,” said Warren Keens, managing director of Fiduciary Services.
Prior to joining Intertrust, Ms Foster was a partner with the boutique firm Paget-Brown. She was also a partner at Appleby, where she spent eight years with the Funds and Investment Services team. Previously Ms Foster was an associate at Walkers and Turner & Roulstone. She was admitted in the Cayman Islands as an attorney-at-law in 1997.
Ms Fletcher was previously an associate at Mourant Ozannes for almost 10 years, and left its investment funds practice group to join Intertrust. She has been admitted to practice in New York, Jamaica and Ontario, Canada.
Nugent named CIREBA agent of the year
The Cayman Island Real Estate Brokers Association has named Patty Nugent from Cayman Islands Sotheby’s International Realty the 2013 CIREBA Agent of the Year in 2013.
Ms Nugent has a background in construction management and project development, as well as nearly 20 years of sales and marketing experience.
The Agent of the Year is chosen by the recipient’s peers and reflects not only the agent’s professionalism, but also how the agent interacted with other CIREBA agents and brokers throughout the year.
CIREBA started in 1987 and governs the majority of Cayman’s independently owned real estate businesses.
New partner at Higgs & Johnson
Nadia J. Fountain has joined law firm Higgs & Johnson’s partnership. A trained attorney in The Bahamas and the United States, she is working with the Private Client and Wealth Management team. Her practice includes wills, estate planning, foundations, private trust companies, issues in company law and international commercial contracts.
Ms Fountain is a member of the board of directors of the STEP branch in The Bahamas and a member of several working groups with the Bahamas Financial Services Board. She is based in Higgs & Johnson’s office in Nassau.
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