In 2005, Sagicor Financial Company Limited acquired the Company, and in 2006, the Company was renamed Sagicor Life Insurance Company. Established in 1840, The Barbados Mutual Life Assurance Society, the predecessor to Sagicor Financial Company Limited, was formed in Barbados — making it one of the oldest financial services companies in the Western hemisphere. In the announcement of its formation, it was noted that its purpose was, “...of assuring lives and effecting endowments for children.”