NCB Capital Markets (NCBCM), a subsidiary of Jamaica-based NCB Financial Group (NCBFG), has signed an agreement to offload its entire state in Advantage General Insurance Company (AGIC).
Under the terms of the share purchase pact, Sagicor Investments Jamaica, Fundy Bay Equity Holdings and Resource In Motion will acquire NCBCM’s 100% stake in AGIC.
The transaction, worth approximately $50.5m, is pending receipt of regulatory approval.
Having announced its intention to acquire Advantage General in July 2012, NCB purchased the insurance company in February 2013, from the Neville Blythe-led United General Insurance Company.
Advantage General is a major motor vehicles insurance company in Jamaica. It also offers property, pecuniary, loss liability and accident insurance products and services.
Incorporated in April 2016, NCBFG through the bank and its wealth management, life and general insurance, and offshore banking subsidiaries, offers a range of financial products and services.
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The NCB Group manages NCBJ, NCB Capital Markets and its subsidiaries in Barbados and Cayman, NCB Insurance Company, Advantage General Insurance Company, NCB (Cayman), Clarien Group and its subsidiaries in Bermuda, Guardian Holdings and its subsidiaries along with NCB Global Finance in Trinidad and Tobago.