General Accident Insurance to acquire Trinidad-based Beacon Insurance
PORT OF SPAIN, Trinidad — General Accident Insurance Company (Jamaica) Limited, through its parent company Musson Jamaica, has purchased 100 per cent of Beacon Insurance Company Limited, the companies announced on Wednesday.
The companies say the acquisition will greatly expand General Accident’s presence in Trinidad and Barbados and allow it to enter new markets in Dominica, Grenada, St Kitts, St Lucia and St Vincent.
General Accident’s gross written premiums are now projected to be in excess of J$32 billion annually.
Beacon will subsequently become a subsidiary of General Accident, subject to additional regulatory approvals. It will continue to operate as an independent subsidiary of General Accident and the combined company intends to maintain both the Beacon and General Accident brands in Trinidad and Barbados.
Additionally, Beacon will continue to be managed by its existing executive team led by Chief Executive Officer (CEO), Christopher Woodhams. Both Woodhams and Beacon Director Christian Hadeed will join the board of General Accident.
The Hadeed family are expected to become minority shareholders in General Accident.
Speaking on the transaction, founder of Beacon, Gerald Hadeed said, “General Accident shares many of Beacon’s insurance principles, the most important of which is keeping our promises. I’m confident that General Accident will continue our proud history of investing in people and technology and providing outstanding service to our clients when it matters most. I’m pleased to be associated with the creation of this leading regional insurance company.”
General Accident Chairman PB Scott said, “We have long admired Beacon as an outstanding, well-managed insurance company. We are privileged to now have the opportunity to work with its talented leadership team, combine Beacon with our own business and create a powerful platform across the Caribbean. I’m excited about our ability to join forces with [the] Beacon team to better serve our people and our clients at both General Accident and Beacon.”
