With a new man, Christopher Zacca, in the president’s chair at Sagicor Group Jamaica since Monday, retiring chairman of the financial conglomerate R. Danny Williams says overseas acquisitions could be the next frontier for the group that posted more than $11 billion in profits last year.
Sagicor bought a small insurance outfit in Costa Rica around five years ago and in the past weeks, outgoing president Richard Byles was in that Central American country looking after business.
At the time of the acquisition, Byles was reported as saying that based on the performance of the Costa Rica business, Sagicor Jamaica would determine how large its overseas footprint would be in the future.
But it’s unclear whether reality is living up to expectations, as Sagicor did not provide an update.
Williams was once the man who ran Sagicor, in its former iteration as Life of Jamaica, and was eventually selected chairman under the current Barbadian owners Sagicor Financial Corporation.
He will vacate the chairmanship in June to Byles, who is credited with steering the business from an insurance selling outfit to a diverse operation majoring in life and health insurance, pooled funds, banking, property and tourism.
The formal handover will take place at the June annual general meeting being held almost to the day 47 years after the firm was first created with Williams at the helm. This is the last meeting at which Williams will preside as chairman before assuming the ceremonial title of director emeritus, an accolade he has described as “a lovely compliment”.
He thinks the transition has been well-timed and that Zacca is a good pick.
“We shopped internally and externally. For the last two to three years, a committee of the board carried out a search. We looked at all the people who would be suitable to run a conglomerate like we have. We have very good people Rohan Miller, Donovan Perkins … . They were considered in the mix,” said Williams.
“You wanted someone with as wide a financial experience as possible. You don’t necessarily want an insurance specialist. Chris got very good reviews. He was well recommended and he comes with a right skills set and a breadth of financial experience,” he said, explaining the selection.
Williams alternated as chief executive and chairman of the enterprise since its formation in 1970. The financial meltdown of the 1990s which impaired the assets of several companies, especially banks, insurance and other financial houses, created the backdrop for the current complexion and structure of the business.
