1 hrs ago - Updated
The JN Financial Group is in the advanced stages of finalising an agreement to transfer ownership of JN General Insurance Company Limited (JNGI) to the British Caribbean Insurance Company (BCIC), a leading general insurer in the region.
According to a statement from JN Group, both companies have already agreed on the key terms of the deal and have informed their employees.
The transaction is now awaiting regulatory approval, which the parties expect to secure in the coming weeks, enabling them to finalise the acquisition.
Local reports surfaced on Wednesday suggesting that the JN Group is looking to divest some of its assets to strengthen its capital base, in part to mitigate losses incurred by its UK-based subsidiary, JN Bank (UK).
Despite the ongoing negotiations, JN Group emphasised JNGI's strong financial position. "JNGI remains financially robust, with solid reinsurance agreements in place, and is fully capable of meeting its financial obligations," the statement said.
For now, business operations at JNGI locations continue as usual, and clients are assured that they will not be affected by the impending change in ownership.
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