GraceKennedy completes the acquisition of Scotia Insurance Caribbean Limited which is a pivotal step for GraceKennedy’s strategic initiative both in its finance compartment and further broadening its presence in the Caribbean financial sector.
The new company will be branded under the name GK Life and the centers of operation of Scotia Insurance Caribbean Limited will now be operation GK Life.
Some of these businesses are within certain countries such as Barbados, Belize, the British Virgin Islands, the Cayman Islands, and the Turks & Caicos Islands.
Credit protection insurance will also be enacted in these countries under the new company.
Don Wehby, CEO of GraceKennedy was elated over the completion of the deal and is confident about future prospects of the business’s future within this area.
“This is another bold step towards the fulfillment 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.
The addition of these five new territories to GK Life means that we have grown GK’s life insurance business to 12 new markets in less than two years. Congrats to our GK team who put in all the hard work to make this a reality.”
He also continued on to say that acquisitions will continue to be a vital strategy for the company’s interest. “M&A (mergers and acquisitions) continues to be a key strategic driver of growth for our Group as we move towards achieving our 2030 vision.
Our M&A Unit is in discussions regarding several M&A transactions locally and internationally, and we are looking forward to what the future has in store.”
Overall, this is an excellent acquisition for GraceKennedy and will put them in poised position to have further influence in the Caribbean insurance market.
