The country’s most profitable insurance company, Advantage General Insurance, has been sold for more than $US50-million
NCB Capital Markets has sold its 100% stake in the company.
Sagicor Investments is acquiring majority ownership, with 60% shareholdings.
A newly formed entity, Fundy Bay Equity Holdings, headed by Mark Thompson, CEO of Advantage General, will hold thirty-four percent.
While premier portfolio management company, Resource in Motion, led by well known Jamaican investor Donovan Lewis, will hold six percent.
The transaction is subject to regulatory approvals, and is expected to be finalized in the coming months.
The deal is worth $US50.5 million, or nearly $JMD6.6 billion.
NCB’s divestment of Advantage General, follows their majority acquisition of the regional insurance group, Guardian Holdings last month.
NCB doubled its ownership in Guardian to 62%, in a $US207-million deal, that’s 28-billion Jamaican dollars.