BCIC to merge acquired JNGI into single entity, pending approval

KINGSTON, Jamaica — British Caribbean Insurance coverage Firm (BCIC) plans to merge with its newly acquired Jamaican rival, JN Basic Insurance coverage Firm (JNGI), right into a single entity following a rebrand, pending regulatory approval, the businesses introduced on Wednesday.

The sale of JNGI by JN Monetary Group Restricted to BCIC and ICD Group Holdings Restricted was finalised on June 6, BCIC mentioned in an announcement.

All JNGI workers had been made redundant as a part of the transaction, although most acquired job gives for related roles at BCIC.

Each insurers will proceed working individually “in atypical course” for now, with no fast modifications for policyholders, the assertion mentioned. The one present change is the switch of JNGI possession to BCIC and ICD Group.

JNGI will change its title to BCIC Insurance coverage Restricted within the coming months. Following this rebrand, the mixed companies require approval from Jamaica’s Monetary Companies Fee to function as one entity.

“We’re thrilled to welcome the shoppers, workers, and companions of JNGI into the BCIC household,” mentioned BCIC Managing Director Peter Levy, emphasising a concentrate on sustaining excessive service requirements.

Thomas Smith, former JNGI managing director, thanked workers and expressed confidence that the merger would “end in even larger ranges of service to the market.”