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JN Group CEO Earl Jarrett (left) and BCIC Managing Director Peter Levy )right).
An agreement was signed on Tuesday, January 21, for the purchase of shares in JN General Insurance Company Limited (JNGI) from the JN Financial Group Limited, by British Caribbean Insurance Company (BCIC).
This signifies a strategic decision by the JN Financial Group to reorganise its group structure and signals BCIC’s commitment to delivering enhanced value to JN Financial Group members, policyholders, intermediaries, team members, and other business partners, JN and BCIC shared in a joint press release.
The acquisition is subject to regulatory review, and the sale will not be finalised until approval from the Financial Services Commission is received.
During the period between the signing and the finalisation of the sale, all JNGI branches will continue to operate as usual, providing services to existing policyholders. JNGI will also continue to write business and settle claims through its branches and brokers.
JNGI, formerly known as NEM Insurance, is one of the largest and longest-operating general insurance companies in Jamaica, having been established in 1934.
BCIC, founded in 1962, is one of the leading general insurance companies in the country. BCIC is the only Jamaican general insurer rated by an internationally recognised credit rating agency with a rating of B++ (Good) by AM Best and operates in Jamaica, Barbados and Turks and Caicos.
