ICD To Buy VM Insurance
The ICD Group is in negotiations with Victoria Mutual Building Society to buy its insurance subsidiary, but the Matalon-owned company said it would divulge no details of the transaction before a deal is struck.
The talks are being handled by ICD, but informed insurance sources say the group’s subsidiary, British Caribbean Insurance Company, will likely end up as the acquisition vehicle.
“Negotiations are still ongoing, we can’t say anything more, but we expect to make an announcement come April,” Joseph Matalon, president and chief executive officer of ICD Group, told Wednesday Business.
Victoria Mutual Insurance Company Limited (VMIC) operates in Jamaica and the Cayman Islands, but it was unclear whether the deal spanned the business in both countries. The subsidiary, whose Jamaican offices are ensconced within the VMBS branch network, started up in 1990, and was, up to 2008 – the most current data published by VMBS – a profitable entity, contributing $109 million in net profit to the group, doubling 2007’s outrun of $56 million.