The JN Financial Group says it is now in the advanced stages of an agreement for the transfer of JN General Insurance Company Limited (JNGI) to BCIC.

So far, the two companies have agreed on the key terms of the deal and have informed their employees. They are now awaiting regulatory approval for the transaction, which they expect to receive in the coming weeks.

Following the approval, the financial institutions will finalise the transfer of ownership. Neither financial entity has indicated a consideration cost for the transaction

According to a joint release, “Business continues as normal at all JNGI locations and clients will be unaffected by the pending change. JNGI remains financially strong, with solid reinsurance agreements, and the company is able to meet its financial obligations.”

The deal will also have an impact on VM Group, which increased its stake in BCIC to 44.45 per cent last year, as it has been seeking to expand its membership.