(Jamaica Gleaner) – GRACEKENNEDY is reporting that it has come to 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’s acquisition of another Bank of Nova Scotia subsidiary, Scotia Insurance Eastern Caribbean Limited (SIECL) in August 2021, which was subsequently rebranded under the name GK Life Insurance Eastern Caribbean Limited (GK Life).

Like GK Life, SICL is a licensed life insurance company, which offers 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 & Caicos Islands.

“The acquisition of SICL is another step in the fulfilment 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.