NCB Financial Group's headquarters on Trafalgar Road in New Kingston, Jamaica (File photo)

NCB Group rebrands J’can insurance arm

NCB Financial Group's headquarters on Trafalgar Road in New Kingston, Jamaica (File photo)

NCB Financial Group (NCBFG) today announced the rebranding of its Jamaican insurance business, NCB Insurance Company (NCBIC), as part of efforts to streamline its insurance operations.

Back in June, the group had disclosed its plans to restructure the companies that formed its insurance portfolio, namely NCBIC and the previously Trinidadian-owned Guardian Life Limited (GLL).

Guardian Holdings Limited’s headquarters in Trinidad and Tobago (File photo)

At the time, NCBFG said it would transfer 100 per cent of its insurance and annuities operation from NCBIC to its recently acquired subsidiary GLL, though keeping the former as a pension fund administrator and investment manager.

“We recognise that while each entity has delivered strong performance results, having competing entities within the same group of companies has resulted in missed opportunities to collaborate and leverage economies of experience and scale that could positively benefit each entity’s customers and performance,” Patrick Hylton, president and group CEO at NCBFG, said then.

Chairman of Guardian Holdings Limited and President and CEO of NCB Financial Group Patrick Hylton (File photo)

Just last month the group informed that it had received the necessary approvals to streamline both companies, adding that NCBIC would operate under a new company name.

“Consequent on the transfer of the portfolios, NCBIC changed its name to NCB Insurance Agency & Fund Management Limited (NCBIA&FM), as the company continues to provide pension fund administration and investment management services,” NCBFG wrote today in a notice posted on the Jamaica Stock Exchange and Trinidad and Tobago Stock Exchange websites.

As an insurance agent, NCBIA&FM will sell insurance products on behalf of its sister company GLL

Top position vacant?

The notice also stated that the NCBIA&FM CEO and managing director, Vernon James, has tendered his resignation from the company’s board of directors and will, therefore, vacate his post on October 31, 2020. He will take up new responsibilities in parent NCBFG.

Vernon James, CEO and managing director of NCB Insurance Agency & Fund Management Limited, has tendered his resignation from the post and, by extension, the company’s board of directors. His resignation will take effect October 31, 2020. (Photo: Jamaica Observer)

“This move will create a vacancy for the leadership position of NCBIA&FM,” the group said, adding that it has begun the search to fill the post.