JN Financial Group Limited on Tuesday reached an agreement for the transfer of shares in JN General Insurance Company Limited (JNGI) to British Caribbean Insurance Company (BCIC).

Both financial institutions had announced the agreement for the acquisition of the insurance entity back in September 2024.

For JN Financial Group, the move forms part of a strategic decision by the JN Financial Group to reorganise its group structure. At the same time, the acquisition sees BCIC expressing its commitment to delivering enhanced value to JN Financial Group members, policyholders, intermediaries, team members, and other business partners.

The acquisition is subject to regulatory review and the sale will not be finalised until the Financial Services Commission gives its approval.

“During the period between 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,” the JN Financial Group outlined in a media release.

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.