General Accident Insurance Company Jamaica Limited (GENAC) is set to acquire Beacon Insurance Company Limited, a Trinidad and Tobago-based insurer, which saw a tripling in pre-tax profits for 2025.

Genac’s parent company Musson (Jamaica) Limited acquired Beacon in October 2025 for an undisclosed sum. Genac is now awaiting regulatory approvals to acquire the Trinidadian general insurer.

“Prior to the reporting date, the company entered into an agreement to acquire another entity. The transaction remains subject to approval by the regulatory authorities and the fulfilment of customary closing conditions,” stated Genac’s 2025 audited financials.

Beacon is a Trinidadian general insurer founded by the Hadeed family in 1972 and was fourth largest general insurer by gross written premiums in 2021. Beacon owns a subsidiary called North West Premium Finance Limited which is engaged in insurance premium financing to policyholders.

According to Beacon’s 2025 consolidated financials, insurance revenue grew five per cent to TT$557.53 million ($13.04 billion), but the insurance service result increased 60 per cent to TT$95.55 million due to lower insurance service expenses.

Due to the doubling of Beacon’s interest income from its investments and marginal increase in other operating expenses, profit before tax (PBT) moved from TT$12.61 million to TT$40.14 million, a 218 per cent change. A reduction in taxes translated to an eight-fold increase in net profit from TT$4.62 million to TT$37.75 million ($882.81 million).

Beacon’s consolidated asset base of TT$554.94 million ($12.98 billion) was composed of TT$113.64 million in investment securities, TT$113.54 million in short-term deposits and TT$170.13 million in cash and cash equivalents. The company’s total liabilities of TT$336.70 million included TT$276.43 million in insurance contract liabilities, with its debt balance cut from TT$14.59 million to TT$1.16 million. Beacon’s equity base was TT$218.24 million after paying a TT$22.80 million dividend.

CGH Limited, an entity beneficially owned by Christian and Gerald Hadeed, previously owned 50.34 per cent of Beacon prior to the acquisition. Coralisle Group Limited and Patricia Bryan owned 34.35 per cent and 15.31 per cent, respectively of Beacon prior to the acquisition.

Beacons’ board now includes Paul B Scott, Richard Lewis, Christian Hadeed, Christopher Woodhams, Sharon Donaldson, Melanie Subratie, Nicholas Scott, Leonard Ambrose and Peter Inglefield.

The move to acquire Beacon builds on Genac’s Trinidadian operations which had $2.30 billion in revenue and $9.89 million in net profit for 2025.

GENAC’s consolidated revenue for 2025 improved 14 per cent to $13.07 billion with the insurance service result doubling to $543.61 million. Profit before tax grew 105 per cent to $613.02 million due to higher investment and other operating income. Consolidated net profit stood at $451.52 million, with $441.95 million attributable to shareholders.

Due to the passage of Hurricane Melissa, Genac’s balance sheet effectively doubled from $12.21 billion to $23.38 billion. This is largely due to rise in reinsurance contract assets from $3.05 billion to $11.06 billion. GENAC’s consolidated equity increased 11 per cent to $4.69 billion, with $4.29 billion attributable to shareholders. GENAC’s authorised share capital moved to 1.40 billion ordinary shares and 10 million preference shares during 2025.

The Hadeed family are set to become minority shareholders in GENAC once it acquires Beacon. Christian Hadeed and Beacon CEO Woodhams are also set to join GENAC’s board.