2 months ago
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The sale of JN General Insurance Company Limited, JNGI, to British Caribbean Insurance Company Limited and ICD Group Holdings Limited was finalised on June 6, paving the way for its rebranding.
Over the next few months, JNGI will be renamed BCIC Insurance Limited. The plan is to eventually combine the businesses, which requires regulatory approval from the Financial Services Commission.
Initially, BCIC and JNGI will continue their “ordinary course of business at their respective locations”. But “after the name changes and the necessary approvals are received, the business of both companies will be combined into one entity”” JN said in an advisory to its customers.
The financial details of the transaction were not disclosed.
The sale of the general insurance subsidiary comes amid profit challenges for JN Group, including from an overseas bank investment in the United Kingdom that contributed to billions in losses during the pandemic.
The general insurance sector in Jamaica is valued at $102 billion by assets. The industry comprises 11 players, 10 of which are operational.
JNGI was formerly known as NEM Insurance. It was renamed in 2012, a dozen years after JN Group bought the company that was founded nine decades ago in 1934.
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