Key Insurance Company, which was recently taken over by GraceKennedy Group, saw its 2019 losses increase to $769.5 million, some four and a half times the loss of $167.5 million it experienced in 2018.

The financial haemorrhaging stemmed from, among other things, gross premiums written going down by $268 million in the fourth quarter, representing an 18 per cent decrease over the same period in 2018.

Reinsurance ceded premium and reinsurance recoveries on claims increased in comparison with 2018’s final quarter by $376,72 million and $274.6 million, respectively, aligned with the strategy of managing the motor business segment. The gross claims expense increased by $262.7 million in the final quarter of 2019 as against the similar period in 2018, reflecting the challenges with the motor segment.

http://www.jamaicaobserver.com/business-observer/key-insurance-losses-increase-to-769-5-million-in-2019-improvements-expected-with-gracekennedy-takeover_192002