Sale of JNGI to BCIC & ICD Group Complete

The sale of JN General Insurance Company Limited, JNGI, to British Caribbean Insurance Company Limited, BCIC, and ICD Group Holdings Limited, ICD Group, is now complete.

That’s according to a statement issued by the JN Group on Thursday.

The sale was finalised on June 6 following the transfer of the JNGI shares owned by the JN Financial Group Limited to BCIC and ICD Group.

It also coincided with the redundancy of all JNGI employees, most of whom received offers to work in a similar capacity at BCIC.

The JN Group says both BCIC and JNGI will continue to operate their businesses in ordinary course, and there will be no change in policyholders’ experience with either company at this stage.

The only change arising from the completion of the sale is that JNGI is now owned by BCIC and ICD Group.

Over the next few months, JNGI will change its name to BCIC Insurance Limited, which will be reflected in the branding of the company.

After the name change, the approval of the Financial Services Commission will be required for the business of both companies to be combined in one entity.