Jamaica's GraceKennedy Financial Group (GKFG) has completed its acquisition Scotia Insurance Eastern Caribbean Ltd, the group announced on Tuesday. The new subsidiary will be rebranded GraceKennedy Life Insurance Eastern Caribbean Ltd (GK Life).
In a release, the group said the acquisition had received the approval of regulators in the countries where Scotia Insurance operated – Anguilla, Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, St Lucia and St Vincent and the Grenadines.
It said GK Life will continue to offer credit protection on personal loans, residential mortgages, personal lines of credit, personal and small business credit cards to its new clients.
"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."
GraceKennedy reached an agreement with Scotia Insurance in March. There will be no changes to clients existing policies or premiums, the group said.
GKFG comprises GK General Insurance, Canopy Insurance, Key Insurance, Allied Insurance Brokers, GK Insurance Eastern Caribbean, GraceKennedy Remittance Services, GraceKennedy Money Services, GK Capital Management and First Global Bank.