BCIC Solidifies Market Position with JNGI Acquisition
Deal News | Jun 11, 2025 | EIN
British Caribbean Insurance Company Limited (BCIC) and ICD Group Holdings Limited have finalized their acquisition of JN General Insurance Company Limited (JNGI), strengthening BCIC's hold in Jamaica's insurance market. The purchase comprises BCIC acquiring 37% and ICD Group 63% of JNGI's ordinary shares. The detailed financials will be disclosed later in the year in JN Financial Group's statements. The merger reflects BCIC's strategic focus on customer-driven growth, aiming to consolidate its operations while enhancing service delivery post-acquisition. The transaction aligns with a trend for operational efficiency, acknowledging both companies' solid performance and financial results in the general insurance sector, highlighting a move towards integration that will affect staff and policyholders.
Sectors
- Insurance
- Financial Services
Geography
- Jamaica – The core operations and strategic implications of the acquisition primarily affect the Jamaican insurance market.
- Caribbean – The article references BCIC’s operations extending to Barbados and Turks & Caicos, indicating a broader Caribbean presence.
Industry
- Insurance – The article involves the acquisition of an insurance company and discusses the financial and operational impacts within the general insurance sub-sector.
- Financial Services – The financial services sector is pertinent due to the roles of multiple holding and financial groups in the acquisition and ongoing strategic investments.
Financials
- $20.24 billion – BCIC's insurance revenue in 2024, showcasing its market-leading position.
- $10.48 billion – BCIC's reinsurance expenses, reflecting a significant cost aspect in its 2024 financials.
- $892.98 million – Profit before tax (PBT) reported by BCIC in 2024.
- $593.34 million – Net profit reported by BCIC in 2024, indicating a 38% annual growth.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| British Caribbean Insurance Company Limited (BCIC) | Acquirer | Company | BCIC is a general insurance company based in Jamaica, which expanded its market share through this acquisition. |
| ICD Group Holdings Limited | Acquirer | Company | ICD Group Holdings, a major shareholder in BCIC, expanded its interests by acquiring a majority stake in JNGI. |
| JN General Insurance Company Limited (JNGI) | Target | Company | JNGI, a subsidiary of JN Financial Group, was acquired by BCIC and ICD Group. |
| JN Financial Group Limited | Selling Company | Company | JN Financial Group is the parent company of JNGI, divesting its insurance business. |
| Victoria Mutual Insurance Company Limited | Historical Merger Partner | Company | VMIC previously merged with BCIC in 2010, holding a significant stake in the company. |