GraceKennedy to Acquire Scotia Insurance Caribbean Limited | Company
GraceKennedy reports that it has reached an agreement with the Bank of Nova Scotia to acquire Scotia Insurance Caribbean Limited (SICL).
GraceKennedy says the transaction is subject to regulatory approvals and other customary closing conditions.
The announcement comes a year after GK acquired another Bank of Nova Scotia subsidiary, Scotia Insurance Eastern Caribbean Limited (SIECL) in August 2021, which was later rebranded as GK Life Insurance Eastern Caribbean Limited (GK Life).
Like GK Life, SICL is a licensed life insurance company, which provides credit protection to customers on personal loans, residential mortgages, personal lines of credit, personal and small business credit cards.
SICL currently operates in Barbados, Belize, British Virgin Islands, Cayman Islands and Turks and Caicos Islands.
“The acquisition of SICL is another step in achieving our strategy to grow GK’s insurance business in the Caribbean as we continue to expand our financial group’s footprint in the region,” said Don. Wehby, CEO of GK Group.