Grace Kennedy Limited (GK) is acquiring Scotia Insurance Caribbean Limited which is a subsidiary of the overall Nova Scotia conglomerate of companies.
The declaration comes a year after GK’s procurement of one more Bank of Nova Scotia auxiliary, Scotia Insurance Eastern Caribbean Limited (SIECL) in August 2021, which was rebranded under the name GK Life Insurance Eastern Caribbean Limited (GK Life).
Like GK Life, SICL is an authorized life coverage organization, which offers credit security to clients on private advances, private home loans, individual credit extensions, individual and independent company Visas.
SICL as of now works in Barbados, Belize, the British Virgin Islands, the Cayman Islands, and the Turks and Caicos Islands.
“The acquisition of SICL is another step in 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,” said GK Group CEO Don Wehby.
This is another important move by GraceKennedy to further cement its presence within the Caribbean region with strategic acquisitions along the lines of this current one. GraceKennedy is looking to take advantage of the client base that SICL has which will help to reduce the cost of acquiring clients over the long term.
