GraceKennedy acquires Scotia Insurance in the Eastern Caribbean
Jamaican GraceKennedy Financial Group (GKFG) has completed its acquisition of Scotia Insurance Eastern Caribbean Ltd, the group said on Tuesday. The new subsidiary will be renamed GraceKennedy Life Insurance Eastern Caribbean Ltd (GK Life).
In a statement, the group said the acquisition has received approval from regulators in countries where Scotia Insurance operates – Anguilla, Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines.
He said GK Life will continue to offer credit protection on personal loans, residential mortgages, personal lines of credit, personal credit cards and small business credit cards to its new customers.
“We have actively expanded our general insurance and life insurance offerings, as we believe this sector offers significant growth opportunities. GK Life will strengthen GKFG’s position as one of the leading financial groups in the Caribbean, while continuing to expand our presence in the region. “
GraceKennedy signed an agreement with Scotia Insurance in March. There will be no change in existing customer policies or premiums, the group said.
GKFG includes GK General Insurance, Canopy Insurance, Key Insurance, Allied Insurance Brokers, GK Insurance Eastern Caribbean, GraceKennedy Remittance Services, GraceKennedy Money Services, GK Capital Management and First Global Bank.