GraceKennedy to acquire Scotia Insurance Caribbean
KINGSTON, Jamaica — GraceKennedy (GK) has confirmed that it has come to an agreement with the Bank of Nova Scotia to acquire 100 per cent of Scotia Insurance Caribbean Limited (SICL), with the associated transaction being subject to regulatory approvals and other customary closing conditions.
According to a release on Tuesday, the announcement comes exactly one year after GK’s acquisition of another Bank of Nova Scotia subsidiary, Scotia Insurance Eastern Caribbean Limited (SIECL). The latter took place in August 2021 with SIECL subsequently being rebranded under the name GK Life Insurance Eastern Caribbean Limited (GK Life).
Like GK Life, SICL is a licensed life insurance company, which offers credit protection to customers on personal loans, residential mortgages, personal lines of credit, personal and small business credit cards. SICL currently operates in Barbados, Belize, British Virgin Islands, Cayman Islands and Turks & Caicos Islands.
GK Group CEO, Don Wehby, commenting on the development said “the acquisition of SICL is another step in the fulfilment of our strategy to grow GK’s insurance business in the Caribbean as we continue to expand the footprint of our 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.”
Steven Whittingham, Deputy CEO of the GK Financial Group, with direct responsibility for the insurance segment said “since 2019 we have steadily been strengthening GK’s presence in the insurance market” and expressed that “the segment continues to benefit from our recent acquisitions, including Key Insurance in 2020 and SIECL in 2021.”
SICL will be the newest member of the GraceKennedy Financial Group, which comprises of GK Life Insurance Eastern Caribbean Limited, GK General Insurance, Key Insurance, Canopy Insurance, Allied Insurance Brokers, GraceKennedy Insurance Brokers, GK Insurance Eastern Caribbean, GraceKennedy Remittance Services, GraceKennedy Money Services Group, GK Capital Management and First Global Bank.
