NCB Financial Group Limited has executed a name change for its insurance and pensions business and is searching for a new company leader, it announced on Wednesday.
This has occurred as the group continues to streamline its Jamaican insurance business.
Recently, it transferred the insurance and annuities portfolios of NCB Insurance Company Limited (NCBIC), which is its wholly owned subsidiary in Jamaica, to fellow subsidiary Guardian Life Limited.
The Group announced its intention to streamline the insurance business offered by its competing subsidiaries – NCB Insurance Company Limited and Guardian Life, back in July.
Guardian Group became a subsidiary of NCBFG in 2019.
Life insurance subsidiary Guardian Life has sold insurance in Jamaica since 1999, and has been engaged in the underwriting of all classes of long-term insurance business. The company has ten branches across Jamaica.
This subsidiary acquired the insurance portfolio of NCB insurance in a deal which closed on September 30.
Consequent to the transfer of the portfolios, NCBIC changed its name to NCB Insurance Agency & Fund Management Limited (NCBIA&FM), with the company continuing to provide pension fund administration and investment management services.
However, former company head, Vernon James, will now transition to the financial group where he will assist in the execution of strategic projects to be undertaken, the group stated Wednesday.
It was noted, “This move will create a vacancy for the leadership position of NCBIA&FM and the search to fill this vacancy is underway. “Additionally, Mr James has tendered his resignation from the Board of Directors of NCBIA&FM effective October 31, 2020.”