GraceKennedy Group, through its holding company GraceKennedy Financial Group  (GKFG), has made an offer to buy Key Insurance Company, a general insurance entity listed on the Junior Market of the Jamaica Stock Exchange.

The latest offer comes after GraceKennedy Group acquired 15% of Key Insurance Company’s shares.

GraceKennedy aims to acquire up to 80% of shares in Key Insurance so that it remains listed on the Junior Market of JSE.

The offer will be open for shareholders of Key Insurance from 27 January to 17 February.

GraceKennedy Group CEO Don Wehby said that acquisition will be a key strategic driver of growth this year.

Wehby added: “We will be focusing on growing our core business in the areas of Food & Financial services, both in Jamaica as well as the English speaking Caribbean. M&A opportunities are therefore being looked at very carefully.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We did our due diligence, and having looked at the performance of Key Insurance to date, we see potential for the company to grow. GraceKennedy’s aim is to properly capitalize it, and maximize shareholder value. Naturally there will be synergistic value from Key joining the GK family, as we have complementary businesses within the GraceKennedy Financial Group.”

Key Insurance was incorporated in 1982 and has offices located in Kingston, Portmore, May Pen, Ocho Rios, Montego Bay and Mandeville.

Key Insurance will be the latest addition of GraceKennedy Financial Group, which comprises Western Union, Bill Express, FX Trader, GK General Insurance, Allied Insurance Brokers and First Global Bank.