GENERAL Accident Insurance Company Jamaica Limited (GENAC) expects to acquire a 70 per cent stake in Trinidad and Tobago-based Beacon Insurance in the fourth quarter, a deal that would make it one of the five largest general insurers in the twin-island republic.

The company is also working towards entering Guyana as it expands its insurance business across the English-speaking Caribbean.

The Beacon deal is expected to take the group’s combined gross written premiums above $32 billion, compared with $24.06 billion in 2025. Gross written premiums are the total value of insurance policies sold before deductions.

Beacon already operates in Barbados, St Lucia and Grenada, alongside its Trinidad and Tobago business. It also has agency operations in Dominica, St Kitts and Nevis, and St Vincent and the Grenadines. The acquisition would give GENAC a wider eastern Caribbean presence, adding to its existing businesses in Trinidad and Tobago and Barbados.

“So, basically what’s going to happen is GA will end up owning the majority of Beacon, and Musson will have a minority position after everything is done. But Beacon will end up owning 100 per cent of General Accident’s business in Trinidad,” GENAC Chairman Paul B Scott told shareholders at the company’s annual general meeting recently.

General Accident Insurance Company (Trinidad) Limited is being combined with Beacon, which will be the surviving company. The amalgamation requires the non-objection of the Central Bank of Trinidad and Tobago. GENAC currently owns 75 per cent of General Accident Trinidad, with Michael Conyers, Gerard Conyers and Susan Scott holding the remaining shares. Scott said those minority shareholders would be bought out as part of the process.

“Beacon is continuing its trajectory to grow in the OECS [Organisation of Eastern Caribbean States] while maintaining what it’s doing in Trinidad,” he said.

GENAC’s plans for Guyana are at an earlier stage. Scott told shareholders at last year’s AGM that the company had submitted an application and wanted to write insurance business in the growing South American market.

“In terms of Guyana, it is our aspiration to be operating that business as soon as we can conclude our license arrangements, etc. So, I think we’re very focused on the English-speaking Caribbean,” he said at this year’s meeting.

The company’s Barbados operation, which started in early 2020, has begun contributing profits after recording losses as it built its business. General Accident Insurance (Barbados) Limited earned BDS$13.17 million ($1.05 billion) in revenue and BDS$446,670 ($35.49 million) in net profit in its latest financial year. It has now made a profit for two consecutive years.

Scott said Barbados remains an attractive market despite its smaller population. He estimated its insurance market at about US$250 million, compared with approximately US$300 million to US$350 million in Jamaica.

“Well, yes, we just started, and our ambition is not to be the smallest insurance company, our ambition is to grow the business. But in insurance, you have to grow the business responsibly. You can get top-line growth and bottom-line losses,” he said.

GENAC is expanding in a region where larger groups, including Guardian Holdings Limited and Sagicor Financial Company Limited, already have a strong presence. Other companies connected to the Musson Group have also been expanding across the Caribbean. Seprod Limited, for example, has been building a regional distribution network through A S Bryden & Sons Holdings Limited since taking control of that company in June 2022.

At home, GENAC is still settling claims from Hurricane Melissa. Group Chief Executive Officer Sharon Donaldson Levine told shareholders that 80 per cent of claims had been settled.

Scott said delays in the remaining cases are largely tied to the work required to assess them.

“So, I think the biggest delay in terms of claims is not the ability to pay, it’s not willingness to pay, it’s just fulfilling the obligations to people by getting loss adjusters to file their reports,” he said.

Business interruption claims are taking longer because they require financial information and work by other parties before they can be settled.

“We want to be able to close as much of it as quickly as possible,” Scott said.

For the six months ended June 30, GENAC’s insurance revenue rose 14 per cent to $7.18 billion, with growth in Jamaica, Barbados, and Trinidad and Tobago. Insurance service expenses climbed 26 per cent to $5.33 billion, but recoveries from reinsurers helped lift its insurance service result from $111.90 million to $456.47 million.

Net profit rose 74 per cent to $303.40 million, of which $270.23 million was attributable to shareholders.

The group’s assets increased 14 per cent during the six months to $26.60 billion. These included $11.46 billion in reinsurance contract assets, $5.71 billion in other receivables, and $2.78 billion in cash. Liabilities rose two per cent to $19.02 billion, including $15.47 billion in insurance contract liabilities.

Equity attributable to shareholders increased 67 per cent to $7.15 billion after GENAC issued $2.61 billion, or US$16.50 million, in ordinary and preference shares to CGH Limited. The shares were issued in connection with CGH’s former 50.34 per cent stake in Beacon.

Coralisle Group Limited, which previously held 34.35 per cent of Beacon, sold its stake for US$11.61 million and recorded a US$1.46 million gain on the sale.

CGH owner Christian Hadeed joined GENAC’s board in May. CGH now holds 12.70 per cent of GENAC’s ordinary shares, making it the second-largest shareholder behind Musson (Jamaica) Limited, which owns 69.84 per cent.

GENAC’s shares closed Thursday at $8.05, up 30 per cent since the start of the year. The company’s market value stood at $9.51 billion.