KINGSTON, Jamaica— The Hadeed family have become the second-largest shareholder in General Accident Insurance Company Jamaica Limited (GENAC) following the sale of Trinidadian-based Beacon Insurance Company Limited.

In a release published on May 28, it was revealed that CGH Limited was allocated 150,021,478 new GENAC ordinary shares and 9,700 new GENAC redeemable preference shares. These shares were issued as consideration for the acquisition of general insurer Beacon, which was acquired by Musson (Jamaica) Limited on October 31.

This means that CGH now owns 12.70 per cent of Genac’s issued ordinary shares while Musson’s stake has moved from 80 per cent to 69.84 per cent. CGH Limited is 33.4 per cent owned by Christian Hadeed and 66.6 per cent owned by Gerald Hadeed. Christian Hadeed and Beacon CEO Christopher Woodhams were also appointed GENAC directors on May 19.

Although Musson owns Beacon, GENAC is set to acquire the general insurer from its parent company at a later date. The JSE release noted that GENAC will own 70 per cent of Beacon upon completion of the acquisition. This implies that Musson will retain a 30 per cent stake in Beacon.

“Aspects of GENAC’s acquisition of Beacon remain subject to the receipt of final regulatory approvals from Beacon’s regulators,” GENAC noted in the disclosure.

Companies Office of Jamaica records indicate an ascribed value of $6.32 for the ordinary shares and US$1,000 for the redeemable preference shares. This means that the issued ordinary shares to CGH are worth $948.14 million and the preference shares are worth US$9.7 million ($1.51 billion).

GENAC’s share price increased 14 per cent on Tuesday to $9.15, which leaves it up 48 per cent in 2026 with a market capitalisation of $9.44 billion.

Although CGH has issued the new ordinary shares, the issued share count change is not being reflected on the JSE as yet. When the shares are converted to stock units, GENAC’s issued ordinary share count will be 1,181,271,478 ordinary shares.

– David Rose