The financially plagued Key Insurance Company is considering a rights issue, as it seeks to recapitalise the company, which has been bleeding under heavy losses in recent time.

Today the board of directors will be meeting, at which time the crucial decision will be made whether to pursue the rights issue or another means of shoring up the company’s financial standing, having incurred year-to-date losses of $305 million.

Key Insurance recorded losses of $116 million during its third quarter for the period ended September 30, 2019.

This caused its year-to-date losses to climb to $305 million. The company, in its first quarter earlier this year reported further losses amounting to some $28 million.

Key Insurance is a relatively small player in the insurance market with assets of about $2.6 billion in a general insurance market last valued at $84 billion, based on industry data for 2018 from the Financial Services Commission (FSC), which regulates the insurance industry.

http://www.jamaicaobserver.com/business/Key-Insurance-considering-rights-issue-to-shore-up-its-finances