Following news that GraceKennedy (GK) Group has received regulatory approvals to acquire Scotia Insurance Eastern Caribbean Limited SIECL), the Jamaican manufacturing and financial services conglomerate has annouced plans to rebrand its new subsidiary.
In a news release, GK Group said that the SIECL will be rebranded under Grace Kennedy Life Insurance Eastern Caribbean Limited (GK Life) in the seven territorites within which it operates.
“I am pleased to announce the addition of GK Life to the GraceKennedy Financial Group (GKFG) and welcome our new team members and clients to the GK family. The granting of the necessary approvals by regulators and completion of the transaction to acquire SIECL marks the culmination of months of hard work by our team and is a major strategic move for our group,” the release quotes Group CEO Don Wehby.
“We have been actively expanding our offerings in general and life insurance, as we see this sector as having significant opportunities for growth. GK Life will strengthen GKFG’s position as one of the leading financial groups in the Caribbean, as we continue to expand our presence in the region.”
GK Group heralded its intention to acquire SIECL back in March, noting then that it had identified opportunities to grow its life and general insurance portfolios within the Caribbean as it expands it fiancial services business in the region.
According to COO of GraceKennedy Financial Group Steven Whittingham, the group has realised a 41 per cent increase in revenues resulting from its entry into the health and life insurance, as well as growth in its regional broking property and casualty insurances business lines.
“We are very pleased to continue our investment programme in the insurance sector, following up on our acquisition of Key Insurance last year, with an acquisition in the region. GK Life complements our existing portfolio of general insurance operations in St Lucia, Dominica, Antigua and St Vincent and the Grenadines, and we look forward to expanding our service offering to customers in the Eastern Caribbean,” he added.
Like its predecessor, GK Life will provide credit protection on personal loans, residential mortgages, personal lines of credit, personal and small business credit cards to its customers in the subregion.
In this regard, customers who currently hold policies with SIECL will see no changes to their existing policies or premiums from GK Life, as a result of the acquisition.