GraceKennedy to acquire Scotia Insurance Caribbean Loop Jamaica

Black Immigrant Daily News

GraceKennedy (GK) is set to acquire 100 per cent of Scotia Insurance Caribbean Limited (SICL). The transaction is subject to regulatory approvals and other customary closing conditions.

The announcement of the impending acquisition comes exactly one year after GK acquired another Bank of Nova Scotia subsidiary, Scotia Insurance Eastern Caribbean Limited (SIECL). The business was subsequently rebranded as GK Life Insurance Eastern Caribbean Limited (GK Life).

Scotia Insurance Caribbean is a licensed life insurance company. It offers credit protection to customers on personal loans, residential mortgages, personal lines of credit, personal and small business credit cards to customers in Barbados, Belize, British Virgin Islands, Cayman Islands and Turks & Caicos Islands.

GK Group CEO Don Wehby said the acquisition of SICL is another step in GK fulfilling its strategy to grow its insurance business in the Caribbean and expand the footprint of the GF Financial Group in the region.

“Along with last year’s acquisition of SIECL, the addition of SICL, and the five territories where it operates, will mean that we have expanded GK’s life insurance business to a total of 13 markets in less than two years,” Wehby said.

Wehby further noted that GraceKennedy would continue to pursue mergers and acquisitions as the key strategic driver of growth for GraceKennedy Group.

“Our M&A Unit is in discussions regarding M&A transactions locally and internationally, and we are looking forward to what the future has in store,” he disclosed.

Since 2019 GraceKennedy has steadily been strengthening its presence in the insurance market. Among the acquisitions were Key Insurance in 2020 and SIECL in 2021. In 2019 the company also entered a joint venture partnership with Musson Jamaica to launch Canopy Insurance.

Steven Whittingham, Deputy CEO of the GK Financial Group with direct responsibility for the insurance segment commented:” We are looking forward to further building out GK’s life insurance business with the addition of SICL and to serving our customers in these new markets. We are well-positioned to establish GK as a major pan-Caribbean insurer.”

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