Grace Kennedy and the Musson Group today officially 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.
According to a release Don Wehby is the Chairman of the new entity, while both GraceKennedy and Musson will split Board seats and ownership of the venture equally.
Musson Chairman and CEO, PB Scott added that in co-creating Canopy, they will be combining vast financial resources and complimentary skill sets in order to deliver an unmatched customer experience in the group health and life insurance market.
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.
Recently appointed CEO of Canopy Sean Scott said “Our research showed a large market that was under-penetrated 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”.
The new venture recently received successful registration from the Financial Services Commission, as an Ordinary Long Term (OLT) Insurance company. While Canopy eventually plans to offer a full suite of group insurance products, its core focus will primarily be group health.
With the regulatory registration in hand, Canopy will now ramp up its launch preparations with a view to commence formal operations in the second half of 2019.