GraceKennedy to acquire Scotia Insurance Eastern Caribbean
GRACEKENNEDY has reached an agreement with Scotia Insurance Caribbean Limited to acquire 100 per cent of the shares of Scotia Insurance Eastern Caribbean Limited (SIECL), with the associated transaction being subject to regulatory approvals and other customary closing conditions.
SIECL is a licensed life insurance company operating in seven countries in the Eastern Caribbean: Anguilla, Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, St Lucia and St Vincent and the Grenadines. SIECL offers credit protection regionally to customers on personal loans, residential mortgages, personal lines of credit, personal and small business credit cards.
“I am pleased to see this acquisition becoming a reality because the Eastern Caribbean aligns with GK's strategic vision of expanding our financial services business in the region. We have identified general and life insurance as significant areas of growth in the Caribbean and have been actively seeking opportunities in this regard. GK's mergers and acquisitions [M and A] strategy has been accelerated through our new M&A unit, and the acquisition of SIECL brings to fruition one of several prospects the unit has in its sights. GraceKennedy remains agile and responsive to take action for the ultimate benefit of our customers and our business, and I am confident that this move will unlock shareholder value for our company,” said group CEO of GraceKennedy Don Wehby.
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