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).
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.
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
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.
“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.