Following GraceKennedy’s March 2020 acquisition of a 65 per cent stake in Key Insurance Limited, the entity now boasts an underwriting profit of $34.2 million and a profit before tax figure of $88.5 million for its fourth quarter ending December 31, 2020.

This is a360-degree turn from the prior quarter when Key had an underwriting loss of $452.2 million which was driven heavily by the $808.4 million ceded in reinsurance to the reinsurance companies.

 

Key was able to increase gross written premiums by 39 per cent to $372.9 million for the quarter and a marginal one per cent to $1.42 billion for the 2020 financial year (FY). The growth in premiums was attributed to the four per cent growth in non-motor to $442.7 million while motor was slightly down to $975.3 million.

https://www.jamaicaobserver.com/business-report/key-insurance-now-generating-underwriting-profits_216847?profile=1056