Sagicor Investments Jamaica Limited is buying a 60 per cent stake in Advantage General Insurance Company from rival NCB Capital Markets Limited.
NCB Capital is also disposing of the rest of the shares it holds in Advantage to two other players. The deal is worth US$50.5 million ($6.59 billion).
Resource in Motion, which is controlled by investor Donovan Lewis, will acquire six per cent of Advantage General, while another entity, called Fundy Bay Equity Holdings Limited, will own the other 34 per cent. Fundy Bay is affiliated to the current CEO of Advantage General Mark Thompson.
Sagicor Investments is sister company to Sagicor Life Jamaica, the largest insurance company in Jamaica.
Advantage General and NCB Capital are ultimately controlled by investor Michael Lee-Chin. The sale of the Advantage General shares is expected to close in the coming months. The deal is subject to regulatory approval.
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