GraceKennedy to Acquire Scotia Insurance Caribbean Limited

• GraceKennedy (GK) has confirmed that it has come to an agreement with the Bank of Nova Scotia to acquire 100% of Scotia Insurance Caribbean Limited (SICL), with the associated transaction being subject to regulatory approvals and other customary closing conditions.
• SICL will be the newest member of the GraceKennedy Financial Group, which comprises GK Life Insurance Eastern Caribbean Limited, GK General Insurance, Key Insurance, Canopy Insurance, Allied Insurance Brokers, GK Insurance Eastern Caribbean, GraceKennedy Remittance Services, GraceKennedy Money Services Group, GK Capital Management and First Global Bank.
• 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 subsequently 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, and 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, commented on the development, “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.”
• This acquisition will enhance GraceKennedy’s geographical diversification, which bodes well for the company’s revenue growth and profitability over the coming quarters.

 (Source: JSE)