GraceKennedy and the Musson Group have partnered to enter the group health and life insurance market under the name Canopy Insurance Limited.
In a statement this afternoon, the company said it is ramping up preparations to begin operations in the second half of this year.
The new venture recently received successful registration from the Financial Services Commission, as an ordinary long term insurance company.
Canopy says while it eventually plans to offer a full suite of group insurance products, its core focus will be group health insurance.
Canopy chairman, Don Wehby said both GraceKennedy and Musson will equally split board seats and ownership.
“As two of the largest conglomerates in Jamaica and the Caribbean, GraceKennedy and Musson are both passionate about Jamaica’s economic development, and committed to growth through innovation,” Wehby said.
Meanwhile, Musson chairman and CEO PB Scott said Canopy we will be combining vast financial resources and complimentary skill sets to deliver an unmatched customer experience in the group health and life insurance market.
The partnership was formed when both entities analysed the value and service received in exchange for the premiums they each pay annually to provide health and life insurance to their employees.
“Our research showed a large market that was under-penetrated and underserved. We saw this as an interesting investment opportunity with both the Jamaican broker community and the country’s employers longing for greater choice and a more modern approach to health insurance administration particularly,” said Sean Scott, Canopy’s recently appointed CEO.
He has spent the past eight years in charge of strategy and development for the Wisynco Group.
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