GraceKennedy Group, through its holding company GraceKennedy Financial Group (GKFG), has confirmed the acquisition of Key Insurance Company (KIC).
The financial details of the transaction have not been made public.
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The deal is effective since 2 March 2020. GraceKennedy will own 65% ownership in KIC as per the deal terms.
Incorporated in 1982, KIC is listed on the Junior Market of the Jamaica Stock Exchange.
It has offices located in Kingston, Portmore, May Pen, Ocho Rios, Montego Bay and Mandeville.
Post-acquisition, KIC will become the newest member of GraceKennedy Financial Group.
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By GlobalDataGraceKennedy Group CEO Don Wehby said: “At GraceKennedy’s recently held Investor Briefing, I indicated that the ‘Key’ brand is strong, and well respected in the Jamaican market and that we feel it will be a success story for GK.
“Now that the deal is completed, we can roll out the strategy to ensuring that this comes to fruition.”
GraceKennedy financial group COO Steven Whittingham added: “We have four strategic drivers with clearly defined and measurable deliverables.
“They are sustainable growth and innovation, consumer centricity, improved business processes for greater efficiency and a performance-driven culture, underpinned by strong change management principles.”
Wehby said that a team headed by Whittingham will present a two-year strategic plan to the board for approval.
The latest acquisition is in line with GraceKennedy’s strategy to further strengthen and expand its financial services division.
The acquisition confirmation comes after GraceKennedy made an offer to buy KIC last month.
