GraceKennedy has come to an agreement with Scotia Insurance Caribbean Limited to acquire 100% 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.
This announcement comes on the heels of the release of GraceKennedy’s record-breaking 2020 financial results, which saw the Company recording its best financial performance in its 99-year history, including noteworthy growth in its Insurance Segment. Since 2019 GraceKennedy has steadily been bolstering its presence in the insurance market.