The Quincecare duty has become a popular tool for companies (or their liquidators) to claim against banks for funds misappropriated on wrongful payment instructions. It requires a bank.
The Sagicor Group has again recorded a robust quarter with net income of US$42.6 million (BDS$ 85.2 million) for the period ending June 30, representing a significant increase from the US$9.3 million (BDS$18.6 million) posted for the corresponding period in 2021.In the insurance and financial services firm’s Management Discussion and Analysis of the second quarter performance, it outlined that the group’s performance was fuelled by very strong net premium income from the United States of America segment.The Sagicor Group, established as the Barbados Mutual Life Assurance Society in 1840, comprises Sagicor Life Inc (Barbados and Trinidad and Tobago), Sagicor Jamaica, Sagicor Bank Jamaica Ltd, and Sagicor Life USA.The financial services company operates in 19 countries, but its main markets are Barbados, Jamaica, Trinidad and Tobago, and the United States of America.Sagicor USA has become one of the Sagicor Group’s strongest performers. It currently operates in 45 states in the US