GK, Musson to bankroll new insurance firm
Business powerhouses GraceKennedy (GK) and the Musson Group yesterday announced a partnership that will see the two companies collaborating to enter the group health and life insurance market under the name Canopy Insurance Limited.
Canopy is expected to formally launch operations in the second half of 2019, a statement issued by the companies said.
Don Wehby is the chairman of the new entity, and Sean Scott has been appointed CEO. GraceKennedy and Musson will split board seats and ownership of the venture equally.
Musson Chairman and CEO P.B. Scott said Musson and GK would be banking on “combining vast financial resources and complimentary skill sets” to compete with market leaders Sagicor and Guardian Life.
The partnership was formed when both entities analysed the value and service received in exchange for the premiums they each pay annually to provide health and life insurance to their own employees.
“Our research showed a large market that was underpenetrated and underserved. We saw this as an interesting investment opportunity with both the Jamaican broker community and the country’s employers longing for greater choice and a more modern approach to health insurance administration, particularly,” said Sean Scott.
Scott, a Harvard MBA, spent the last eight years in charge of strategy and development for the Wisynco Group.
Canopy has been registered with the Financial Services Commission as an ordinary long-term insurance company, the statement said.