MUSSON (Jamaica) Limited has acquired Beacon Insurance Company Limited, a Trinidad and Tobago-based insurer, to strengthen General Accident Insurance Company (Jamaica) Limited’s (GENAC’s) position as a leading regional provider.

Musson completed the purchase on October 31. Beacon will become a subsidiary of GENAC, subject to regulatory approvals. Once approved, the Hadeed family, founders of Beacon, are expected to become minority shareholders in GENAC.

“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 Beacon team to better serve our people and our clients at both General Accident and Beacon,” stated GENAC Chairman Paul B Scott in the disclosure.

Beacon Insurance Company Limited was founded in 1972 by Aziz Hadeed, who later passed control to his son Gerald Hadeed. The Trinidadian insurer operates branch offices in Barbados, St Lucia, and Grenada, along with agency operations in Dominica, St Kitts and Nevis, and St Vincent and the Grenadines. Beacon is the fourth largest general insurer in Trinidad and Tobago by gross written premiums, trailing Guardian General Insurance Limited, Trinidad & Tobago Insurance Limited (TATIL), and Colonial Fire & General Insurance Limited (COLFIRE).

Beacon reported TT$505.42 million ($11.50 billion) in consolidated gross written premiums for its June 2023 financial year with TT$10.94 million ($248.79 million) in net profit. Beacon had TT$787.58 million ($17.91 billion) in total assets and shareholder’s equity of TT$191.99 million ($4.37 billion) as measured under IFRS 4.

According to a September 2023 article by the Trinidad Guardian, Beacon was said to be on sale for US$30 million as they sought to form a strategic partnership. A July 2021 release by Caribbean Information and Credit Rating Services (CariCRIS) stated that CGH Limited owned 46 per cent of Beacon followed by Coralisle Group Limited and an individual shareholder who owned 40 per cent and 14 per cent, respectively. CGH Limited is 66.6 per cent owned by Gerald Hadeed while his son Christian Hadeed owns 33.4 per cent.

GENAC’s gross written premiums (GWP) are expected to exceed $32 billion annually once it acquires Beacon. GENAC’s 2024 annual report revealed that it generated $22.58 billion in consolidated gross written premiums in 2024 as measured under the IFRS 4 accounting standard. This would exceed GENAC’s 2018 GWP of $8.74 billion by nearly four times.

GENAC made its first venture into Trinidad in September 2019 when it acquired 55 per cent of Motor One Insurance Company Limited (now rebranded General Accident Insurance Company (Trinidad) Limited). GENAC now owns 75 per cent of its Trinidadian subsidiary and 80 per cent of General Accident Insurance Company (Barbados) Limited, which began operations in April 2020.

GENAC is currently rated jmA- (foreign currency rating) and jmA (local currency rating) by CariCRIS while Beacon is rated ttA- (local currency rating) and CariA- (foreign and local currency ratings).

Although Beacon and GENAC both have operations in Trinidad and Barbados, Beacon will operate as an independent subsidiary of GENAC with both businesses maintaining their brands in each market. Beacon’s existing management team will be maintained with Chief Executive Officer Christopher Woodhams to oversee the combined businesses in Trinidad. Woodhams will report directly to GENAC Group CEO Sharon Donaldson Levine. Woodhams and Christian Hadeed will both join GENAC’s board.

“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,” said Gerald Hadeed in the release.

GENAC shareholders approved three resolutions at the 2024 annual general meeting which expanded the board limit to 15 members, raised the authorised share capital limit and allowed for the issuance of redeemable preference shares. At GENAC’s 2025 AGM, Scott indicated that GENAC had an application in Guyana. GENAC is currently 80 per cent owned by Musson (Jamaica).

GENAC’s consolidated insurance revenue for the third quarter increased 13 per cent to $3.28 billion as measured under IFRS 17. Even with a 16 per cent rise in insurance service expenses to $1.89 billion, GENAC’s insurance service result improved 421 per cent from $40.55 million to $211.19 million.

After accounting for net investment income and higher operating expenses, GENAC’s profit before tax (PBT) grew 87 per cent to $161.18 million. The consolidated net profit increased 113 per cent to $122.49 million with $115.52 million attributable to shareholders.

For the nine months period, GENAC’s insurance revenue grew 15 per cent to $9.57 billion with the insurance service result up 50 per cent to $323.09 million. GENAC’s PBT moved up 42 per cent to $420.03 million with the consolidated net profit rising 37 per cent to $296.74 million, with $295.90 million attributable to shareholders.

Total assets as of September 30 stood at $12.15 billion with $2.93 billion in cash and $3.76 billion in investment securities. Total liabilities and equity attributable to shareholders stood at $7.64 billion and $4.12 billion, respectively.

GENAC’s stock price increased six per cent on Tuesday to $5.88 which gave it a market capitalisation of $6.06 billion. While the stock remains down five per cent year-to-date, the stock traded at an intraday high of $6.49, slightly below the 52-week high of $6.80.

Christian Hadeed will be joining the board of General Accident.