The JN Financial Group has completed the sale of JN General Insurance Company Limited (JNGI) to British Caribbean Insurance Company Limited (BCIC) and ICD Group Holdings Limited (“ICD Group”).

In a release, the financial entity disclosed that the sale was finalised on June 6 following the transfer of the JNGI shares owned by the JN Financial Group Limited to BCIC and ICD Group.

“It also coincided with the redundancy of all JNGI employees, most of whom received offers to work in a similar capacity at BCIC,” the disclosure further outlined.

No major change

Both BCIC and JNGI will continue to operate their businesses as per usual, and policyholders will not experience any change in their interactions with the companies at this stage. The only change arising is in the ownership of JNGI under BCIC and the ICD Group.

Commenting on the completed acquisition, Peter Levy, managing director of BCIC, stated: “We are thrilled to welcome the customers, employees, and partners of JNGI into the BCIC family and look forward to the opportunity to work with the JN Group to provide solutions to all their customers. We are focused on strengthening our offerings and maintaining the high standards of service that both companies are known for.”

Former JNGI Managing Director Thomas Smith thanked the staff and management for their steadfast service and support over the years and throughout the transition, and said he looks forward to the opportunities for the company under the ownership of BCIC.

“I am confident that the eventual coming together of both companies will result in even greater levels of service to the market,” Smith affirmed.

More to come

Over the next few months, JNGI will change its name to BCIC Insurance Limited, reflecting the new branding. After the name change, BCIC will await the Financial Services Commission’s approval to combine the businesses into a single entity.

JNGI, known formerly as NEM Insurance, is one of the largest and longest-operating general insurance companies in Jamaica, having been established in 1934. The JN Group acquired the insurance provider in 2000 and renamed it JN General Insurance Company Limited in 2012.

BCIC, founded in 1962, is one of the leading general insurance companies in the country. BCIC is the only Jamaican general insurer receiving an internationally recognised credit rating from AM Best—B++ (Good). It operates in Jamaica, Barbados, and Turks and Caicos Islands.