GraceKennedy Limited has struck a deal with Scotia Insurance Caribbean Limited for the full takeover of Scotia Insurance Eastern Caribbean Limited, SIECL, subject to regulatory approvals.
The cost of the transaction and its financing were not disclosed, but GraceKennedy has a $23-billion pile of cash from which to fund acquisitions and is on the hunt for other deals.
The purchase of SIECL, a licensed life insurance company, will give GraceKennedy entry into the markets of Anguilla and St Kitts-Nevis; while strengthening the conglomerate’s base in Antigua & Barbuda, Dominica, Grenada, St Lucia and St Vincent & the Grenadines, where GraceKennedy already has a footprint through subsidiaries GK General Insurance and GK Insurance (Eastern Caribbean) Limited.
SIECL will become the newest member of the GraceKennedy Financial Group, GKFG, which comprises of GK General Insurance, Canopy Insurance, Key Insurance, Allied Insurance Brokers, GK Insurance Eastern Caribbean GraceKennedy Remittance Services, the GraceKennedy Money Services Group, GK Capital Management and First Global Bank.
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