GraceKennedy wants to enter Guyana’s insurance market

(Jamaica Gleaner) Food and financial services group GraceKennedy Limited is looking towards Guyana as its next insurance market and eyeing other business prospects in the nascent oil economy, where it has been in a years-long battle with the tax authorities.

It’s part of GraceKennedy’s ongoing aggressive programme to grow its operations, in and outside Jamaica, via organic means as well as mergers and acquisitions.

One of the conglomerate’s latest M&A transactions involved the purchase of an additional 35 per cent stake in the Catherine Peak’s water company, which GraceKennedy reported as a $612.5-million deal.

GraceKennedy now owns 70 per cent of the spring water company, which the current transaction values at $1.75 billion. When GK first bought into Catherine’s Peak in 2018, that deal valued the operation at $1.5 billion.

“I have already indicated my interest to the Guyana government, and copied Jampro on it, to start an insurance company in Guyana. As you can see, we have been expanding nicely with the acquisition of Scotia Life and we would like to extend that to Guyana,” said GraceKennedy Group CEO Don Wehby on an earnings call.