Scotia: Sale of insurance subsidiary to GK won’t affect Ja operations Loop Jamaica

Black Immigrant Daily News

Financial group Scotia Group Jamaica is clarifying an announcement that GraceKennedy has entered into an agreement to acquire Scotia Insurance Caribbean.

This agreement is subject to regulatory approvals and customary closing conditions.

Scotia Insurance Caribbean Limited is a creditor insurance underwriting entity that provides services to Scotiabank clients in Barbados, Cayman, Turks and Caicos, Belize and the British Virgin Islands.

To this end, the GraceKennedy transaction has no impact on Scotia’s operations in Jamaica, which includes the customers of Scotia Jamaica Life Insurance Company (Scotia Insurance) and its ultimate parent company, Scotia Group Jamaica Limited (SGJL).

“We continue to invest in Jamaica and the wider Caribbean through the expansion of new products and services in insurance, wealth management and banking,” said Scotia Group Jamaica in a statement on Wednesday.

The bank said it would also continue to roll out of next-generation ATMs, recent upgrades to its digital banking platforms, enhancements to its mobile app and the upcoming launch of its new online platform.

In announcing the pending transaction on Tuesday, 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.

Wehby also said GraceKennedy would continue to pursue mergers and acquisitions as the key strategic driver of growth for GraceKennedy Group.

GK, in 2021, acquired another Scotia subsidiary, Scotia Insurance Eastern Caribbean Limited (SIECL). The business was subsequently rebranded as GK Life Insurance Eastern Caribbean Limited (GK Life).

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