The GraceKennedy Group today announced plans to acquire up to 80 per cent of shares in KEY Insurance.
The details are still being finalised but GK plans to use the entity to strengthen and expand its Financial Division which includes GK General Insurance Company.
In December 2019, GK acquired 15 per cent of KEY via a stock trade on the Jamaica Stock Exchange.
In speaking to the acquisition, GraceKennedy Group CEO Don Wehby disclosed that mergers and acquisitions will be a key strategic driver for growth for the company this year.
“We will be focusing on growing our core business in the areas of food & financial services, both in Jamaica as well as in the English speaking Caribbean. M&A opportunities are therefore being looked at very carefully,” he said.
Listed on the Junior Market of the Jamaica Stock Exchange, Key Insurance was incorporated in 1982 and has grown its customer base, with offices located in Kingston, Portmore, May Pen, Ocho Rios, Montego Bay and Mandeville.
The company will be the newest member of the GK Financial Group, which comprises Western Union, Bill Express, FX Trader, GK General Insurance, Allied Insurance Brokers and First Global Bank.