ON THE COVER
GK reorganises insurance arm
Published:Friday | September 12, 2025 | 12:08 AMNeville Graham - Business Reporter
GraceKennedy Limited has announced leadership changes in its insurance segment, the latest shuffle in the conglomerate’s strategic evolution, according to Steven Whittingham, CEO of GraceKennedy Financial Group Limited.
Insurance accounts for around 14 per cent of GraceKennedy’s groupwide holdings and is the second largest revenue earner for the food and financial services group, whose businesses are spread across Jamaica, the Caribbean, North America, United Kingdom, and elsewhere.
Effective October 1, two seasoned executives — Tammara Glaves-Hucey and Chaluk Richards — will take the reins of the GK general insurance portfolio and GK life & health insurance division, respectively, as the company intensifies its focus on regional expansion and operational efficiency.
GraceKennedy has consolidated its general insurance operations under a single leader for the first time. Glaves-Hucey, a chartered insurer and attorney-at-law with over two decades of experience in financial services, will transition from being the general manager of Key Insurance Company Limited to a far more expansive role as Head of General Insurance Business.
Her portfolio includes oversight of GK General Insurance Company Limited, Key Insurance Company, and GK Insurance (Eastern Caribbean) Limited.
“Tammara has demonstrated exceptional leadership in transforming Key Insurance and driving growth across our Eastern Caribbean operations,” said GraceKennedy Group CEO Frank James.
“Her appointment reflects our commitment to building a more agile and efficient structure that can respond to market demands and deliver value to our customers,” he said.
GraceKennedy acquired Key Insurance more than five years ago when the general insurance company was in distress and in need of rescue.
Glaves-Hucey was appointed as its general manager in 2020, as the operational head guiding the transformation of the business alongside its new chairman, the late Don Wehby. The strategy cobbled by GraceKennedy to recapitalise and reinvigorate Key was successful and has raised Glaves-Hucey’s stock inside the group.
In the financial year ending 2024, for instance, Key grew its profit from $42 million to $67 million, and its half year results, so far, shows that it is on track to outperform those results in 2025, having so far delivered $44 million of profit for the January-June period.
Still, Key is a mid-sized entity in GK’s wider insurance operations, which encompass brokerage services, life and health, general insurance and others. All told, GraceKennedy’s insurance portfolio is made up of about nine entities spread across Jamaica and the region, including one joint venture.
Last year, GK’s insurance arm contributed over $17 billion of the conglomerate’s total revenue of $167 billion, and $2 billion of the $12 billion of profit made by the group before taxes. Insurance represents $33 billion of GK’s total assets of $236 billion. Key accounted for less than $5 billion of those assets; GK General Insurance contributed over $15 billion.
Chaluk Richards will assume the role of Head of Life & Health Insurance Business, overseeing GK Life Insurance Eastern Caribbean Limited, GK Life Insurance Caribbean Limited, and Canopy Insurance Limited. The latter operation is a partnership between publicly listed GraceKennedy and privately held Musson Group.
Richards has worked with GK for 20 years and is currently general manager for GK General Insurance. He has been with the group as it went through digital transformation, including the launch of GKGOnline and integration of third-party insurance services into the GKOne app.
“Chaluk’s track record of innovation and execution speaks for itself,” Whittingham said
“We are positioning GKFG to lead the insurance industry both locally and regionally. This enhanced structure will unlock synergies and streamline decision-making,” he added, noting that GK Life operates in 13 markets, while Canopy operates only in the Jamaican market.
Canopy Insurance, a 50:50 joint venture which mainly deals in health insurance, currently, is a quarter the size of Key Insurance in terms of assets.
The pending leadership changes in October will also see Andrew Dunkley being promoted to assistant general manager at Key Insurance Company.
Key is currently the only GraceKennedy insurance business listed on the Jamaican stock market and even that will soon change as the conglomerate is currently in the process of taking the business private. It now owns 99 per cent of Key following its offer to buy out minority owners.
Whittingham said Key, as a brand, would survive the transition from public to private ownership.
“Key as a brand is not going anywhere. It has a very loyal customer base. It is also identified with a certain segment of the general insurance market with particular products that they like; and so Key is going nowhere,” he affirmed to the Financial Gleaner.
The company’s current focus is on the streamlining of technology, product development and market pricing.
“In fact, you’ll see more of Key,” Whittingham said.
The changes within GraceKennedy’s insurance management structure comes amid other changes at the top level of the conglomerate.
James became GK Group CEO on February 14, replacing Don Wehby; and Whittingham became CEO of GKFG in August, succeeding Grace Burnett.
The conglomerate is on a drive to unify its domestic and international operations and strengthen regional leadership. The changes in the insurance space mimics similar moves in the food segment, whereby Andrea Coy was appointed CEO of GraceKennedy Foods in February, integrating the domestic and international portfolios.
“Insurance is one of GK’s most exciting areas of growth,” said James. “These leadership changes are not just about filling roles; they’re about building the future of Caribbean insurance,” he said.
GK General Insurance is consistently ranked among Jamaica’s top three general insurance companies, alongside BCIC and General Accident Insurance Company. GK General often holds the largest market share by premium volume.
Whittingham said that as GK continues to expand its footprint across the region, the appointments of Glaves-Hucey and Richards are part of the grand design, that is, GK’s goal of becoming the number one Caribbean brand and being recognised as such worldwide.