GENERAL Accident Insurance Company (Jamaica) Limited (GENAC) has begun the process of merging its subsidiary, General Accident Insurance (Trinidad and Tobago) Limited (GATT), with Beacon Insurance Company Limited as it moves to establish a larger footprint in the Trinidadian market.

According to a July 27 notice, GATT and Beacon will merge into one company, with Beacon as the surviving entity. GATT and Beacon are Trinidadian general insurance companies that share common owners.

GATT is 75 per cent owned by GENAC Jamaica, with Michael and Gerard Conyers collectively owning 12.5 per cent and Susan Scott owning the remaining 12.5 per cent. Beacon became a wholly owned subsidiary of Musson (Jamaica) Limited in October 2025. Musson and Michael Conyers currently own 69.84 per cent and 0.79 per cent of GENAC Jamaica, respectively.

“As a result of the amalgamation, the amalgamated company will be wholly-owned by Musson upon completion of the amalgamation,” the notice stated.

Beacon is a 54-year-old general insurer that was ranked fourth by gross written premiums in Trinidad in 2021. GATT, formerly Motor One, was acquired by GENAC Jamaica in September 2019, when the Jamaican insurer took an initial 55 per cent stake in the entity. The proposed merger would position Beacon as one of the largest general insurers in Trinidad and Tobago.

According to the notice, the scheme of amalgamation is available for inspection at the offices of both Beacon and GATT for 15 business days from July 27. Anyone seeking to object to the proposed amalgamation must notify the Central Bank of Trinidad and Tobago (CBTT) no later than 20 business days after the close of the inspection period.

Once the objection period ends, the CBTT will hold a hearing for the confirmation of the proposed amalgamation between both companies. The CBTT will make its final decision on the proposed merger in accordance with Section 59 of the Insurance Act.

“The amalgamation will not impact the rates, terms and conditions, coverage and benefits, or service and administration of existing insurance policies of Beacon or GATT. The amalgamated company will assume all responsibility for the existing policies of Beacon and GATT from the effective date of the amalgamation,” the notice added, regarding the planned merger.

When Musson (Jamaica) acquired Beacon, the companies said Beacon would become a subsidiary of GENAC Jamaica, subject to additional regulatory approvals. According to a May 26 release by GENAC Jamaica, “Upon completion of the acquisition of Beacon by Musson and GENAC, GENAC will own 70 per cent of Beacon.”

The July 27 notice did not state when GENAC’s proposed 70 per cent ownership would take effect, noting only that the amalgamated insurer would be wholly owned by Musson upon completion of the merger.

In May, GENAC issued 150,021,478 new ordinary shares and 9,700 new redeemable preference shares to CGH Limited as part of the consideration for the deal. That deal resulted in CGH Limited owning 12.70 per cent of GENAC Jamaica’s ordinary shares.

Before the Musson acquisition, CGH controlled 50.34 per cent of Beacon. CGH Limited is 33.4 per cent owned by Christian Hadeed and 66.6 per cent owned by Gerald Hadeed.

GENAC Jamaica highlighted that the combined entities would generate more than $32 billion of annual gross written premiums and allow the enlarged group to enter new markets in Dominica, Grenada, St Kitts, St Lucia and St Vincent. GENAC’s consolidated gross written premiums grew seven per cent to $24.06 billion in 2025, as measured under IFRS 4.

Beacon reported a five per cent rise in consolidated insurance revenue to TT$557.53 million in 2025, with profit before tax (PBT) of TT$40.14 million and net profit of TT$37.75 million. GATT saw a 14 per cent rise in insurance revenue to TT$97.74 million in 2025, with PBT of TT$937,335 and net profit of TT$431,706.

GENAC closed Thursday at $8.15, leaving the stock up 31 per cent in 2026 and the company with a market capitalisation of $9.62 billion. GENAC Jamaica will hold its annual general meeting at 9:00 am on September 18 at its head office, 58 Half-Way-Tree Road.

“We remain focused on cementing our market leadership in Jamaica, deepening our regional footprint, and embedding technology at the core of our operations to drive efficiency and better serve our customers. We are encouraged by the start to the financial year and look forward to building on this performance over the remainder of 2026,” GENAC said in closing its first-quarter report.