State Assurance Company Limited was established in November 2005 following the privatization of the State Assurance Corporation of Seychelles (SACOS).  The latter was then the leading provider of insurance services in Seychelles and the first local insurance company formed in August 1980 under the State Assurance Corporation Act of Seychelles. In accordance with the resolution passed at its Annual General Meeting of 4^th July 2011, effective from 1st October 2011, the State Assurance Company Limited was renamed the SACOS Group Limited.

For the first two years of its existence, SACOS operated partly as a reinsurer providing support for the insurance companies already operating in Seychelles and partly underwriting direct insurance business.  Since then the company has grown to offer an expansive range of services including, selling of life assurance products, handling of insurance claims, property management and sale of vehicle spare parts among others.  The services are classified under four main companies: