Thu | Dec 3, 2020

NCB selling Advantage General for $6.6b

Published:Friday | June 21, 2019 | 12:24 AM
The corporate offices of Advantage General Insurance Company on Trafalgar Road in New Kingston.
The corporate offices of Advantage General Insurance Company on Trafalgar Road in New Kingston.

NCB Financial Group Limited last night announced that NCB Capital Markets Limited, its subsidiary, is selling its stake in vehicle insurer Advantage General to a consortium of business interests including current General Manager Mark Thompson.

The share purchase agreement will see NCB offloading its 100 per cent stake in Advantage General to Sagicor Investments Jamaica Limited, Fundy Bay Equity Holdings Limited (affiliated with Thompson), and Resource In Motion Limited (affiliated with Donovan Lewis).

The value of the sale is US$50,500,000 (approximately J$6.6 billion).

NCB had bought Advantage General from the Neville Blythe-led United General Insurance Company.

Advantage General is the largest insurer of motor vehicles in Jamaica, NCB said last night.

Completion of the transaction is subject to regulatory approval.