GK (GraceKennedy) has announced that it has agreed to acquire 100% of Caribbean Insurance Scotia (SICL) subject to customary closing conditions and regulatory approvals, in partnership with Scotia Bank.
The announcement comes exactly one year after Scotia Bank Nova’s acquisition of GK subsidiary, Caribbean Eastern Insurance Scotia (SIECL), which was later rebranded as GK Life Limited in August 2021.
SICL, which stands for Life GK, is a licensed life insurance company that provides credit protection for customers who have small and personal lines of credit, as well as residential loans and mortgages.
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The newest member of the GraceKennedy Financial Group will be SICL, which includes First Global Bank and GK Capital Management, GraceKennedy Money Services Group and GraceKennedy Remittance Services, GK Insurance Brokers and GK Insurance Eastern Caribbean, Allied Insurance Brokers and Canopy Insurance, Key Insurance and GK General Insurance, and GK Life Insurance Eastern Caribbean.
SICL is presently engaged in operations in Barbados, Belize, the British Virgin Islands, the Cayman Islands, and the Turks & Caicos Islands.
Don Wehby, the CEO of GK Group, commented on the company’s development, stating that the footprint of the GF Financial Group will increase in the region, and the insurance industry in the Caribbean will continue to grow, thereby fulfilling their strategy. He also mentioned that the SICL represents another milestone.
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We have expanded our business insurance life in markets for a total of 12 years, which means that GK operates in territories five, and in addition to SICL, we acquired SIECL last year.
Wehby also mentioned that consolidations, along with takeovers, are crucial strategic catalysts that will assist in achieving the company’s objective.
The Group recognizes that key drivers for strategic growth include the continuation of acquisitions and mergers. As we progress towards achieving Vision 2030, we are actively exploring future opportunities within our stores, both domestically and internationally. Our M&A Unit is currently engaged in discussions regarding mergers and acquisitions.
Since 2019, Steven Whittingham, the Deputy CEO of GK Financial Group, stated that we have consistently enhanced GK’s presence in the insurance sector, taking direct responsibility for this area.
In addition, he shared that the segment is being boosted by the latest acquisitions, such as Key Insurance in 2020 and SIECL in 2021. Furthermore, in 2019, the company established a joint venture partnership with Musson Jamaica to launch Canopy Insurance.
The company is well positioned to establish GK as a major insurer in the Caribbean, adding that “we are forward looking to build further GK’s life insurance business out and serve our customers in these new markets, in addition to SICL,” commented Whittingham.