Island Life delisted following merger

Wednesday, October 29, 2003

Jamaica's Island Life Insurance Company Limited was delisted this week by the country's stock exchange (JSE) following the company's merger with compatriot insurer Life of Jamaica (LoJ), local daily The Jamaica Gleaner reported.

"This delisting is part of the normal course of business," LoJ president Maxine MacLure was quoted as saying. "It is not a negative thing," she added.

According to Maclure, the board of Island Life requested the delisting as part of the merger process, which saw LoJ acquire the outstanding shares of Island Life last March.

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The inclusion of Island Life's US$46.3mn profits in LoJ's coffers was the principal factor allowing LoJ to grow first half profits 94% year on year to US$519mn, Maclure was quoted as saying in August.