GraceKennedy (GK) announced that it has agreed with The Bank of Nova Scotia to acquire 100% of Scotia Insurance Caribbean Limited (SICL), subject to regulatory approvals and other customary closing conditions.
The announcement comes exactly one year after GK acquired another Bank of Nova Scotia subsidiary, Scotia Insurance Eastern Caribbean Limited (SIECL), in August 2021, which was later rebranded as GK Life Insurance Eastern Caribbean Limited (GK Life).
SICL, like GK Life, is a licensed life insurance company that provides credit protection for customers who have personal loans, residential mortgages, personal lines of credit, and personal and small business credit cards.
SICL will be the newest member of the GraceKennedy Financial Group, which also includes GK Life Insurance Eastern Caribbean, GK General Insurance, Key Insurance, Canopy Insurance, Allied Insurance Brokers, GK Insurance Eastern Caribbean, GK Insurance Brokers, GraceKennedy Remittance Services, GraceKennedy Money Services Group, GK Capital Management, and First Global Bank.
SICL is currently active in Barbados, Belize, the British Virgin Islands, the Cayman Islands, and the Turks & Caicos Islands.
GK Group CEO Don Wehby, commented on the company’s development, stating that the SICL is another step in fulfilling their strategy to further develop their 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 12 markets in less than two years.”
Wehby added that mergers, in addition to acquisitions, are key strategic drivers that will aid in meeting the company’s goal.
“Mergers and acquisitions continue to be a key strategic driver of growth for our Group, as we move towards achievement of our 2030 vision. 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”.
“Since 2019, we have steadily strengthened GK’s footprint in the insurance industry,” said Steven Whittingham, Deputy CEO of the GK Financial Group with direct responsibility for the insurance area.
He also shared that the latest acquisitions, including Key Insurance in 2020 and SIECL in 2021, continue to boost the segment, and in 2019, the company entered a joint venture partnership with Musson Jamaica to launch Canopy Insurance.
Whittingham further 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,” adding that the company is well-positioned to establish GK as a major pan-Caribbean insurer.
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