GraceKennedy acquires Scotia Insurance Caribbean Limited
Torys acted as counsel to Scotiabank with a team that included led by (Ricco) A.S. Bhasin and that included Paulina Taneva, Tia Eisner and Kirsten Hentschel (corporate/M&A), Jill McCutcheon and Melissa Prado (insurance) and Andrew Silverman (tax).
On August 30, 2022, GraceKennedy Financial Group Limited (“GraceKennedy”) confirmed its agreement with The Bank of Nova Scotia (“Scotiabank”) to acquire 100% of Scotia Insurance Caribbean Limited (“SICL”). Terms of the transaction were not disclosed.
Closing of the transaction took place on March 31, 2023. Concurrent with the closing, GraceKennedy announced that SICL will be rebranded as GK Life.
Further information can be found on GraceKennedy’s website.
SICL, a subsidiary of The Bank of Nova Scotia, is a licensed life insurance company operates under the marketing brand of Scotia Insurance. It offers credit protection to customers on personal loans, residential mortgages, personal lines of credit, personal and small business credit cards.
GraceKennedy, one of the Caribbean’s largest and most dynamic Food and Financial corporate entities started in Jamaica in 1922, and comprises companies in the Caribbean, North and Central America, the United Kingdom and Africa.