Copyright newsday
GENERAL Accident Insurance Co (Jamaica) Ltd has announced its acquisition of Beacon Insurance Company Ltd, a move that will create one of the Caribbean’s largest general insurers. The acquisition was completed on October 31, when General Accident’s parent company, Musson (Jamaica) Ltd, purchased 100 per cent of Beacon’s shares. Beacon will become a subsidiary of General Accident once final regulatory approvals are received. The deal will significantly expand General Accident’s footprint in TT and Barbados, while opening access to new markets in Dominica, Grenada, St Kitts, St Lucia and St Vincent. With the merger, General Accident projects its gross written premiums to surpass J$32 billion annually. Despite the ownership change, both the Beacon and General Accident brands will continue operating independently in TT and Barbados. Beacon’s existing management, led by CEO Christopher Woodhams, will remain in place. Woodhams will now report directly to General Accident Group CEO Sharon Donaldson and oversee the company’s combined operations in TT. Woodhams and Beacon director Christian Hadeed will also join General Accident’s board, while members of the Hadeed family – founders of Beacon – are expected to become minority shareholders in General Accident. A statement on behalf of the company noted the family’s continued involvement is intended to preserve Beacon’s core values and ensure continuity as part of the wider regional group. Beacon founder Gerald Hadeed said the partnership aligns with the company’s longstanding philosophy. "General Accident shares many of Beacon’s insurance principles, the most important of which is keeping our promises," Hadeed said. "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." General Accident chairman PB Scott said the company had long respected Beacon’s performance and leadership. "We have long admired Beacon as an outstanding, well-managed insurance company," Scott said. "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." Founded in 1981, Beacon is one of TT’s largest insurers, with a strong presence in motor, property and casualty insurance across the region. General Accident, headquartered in Kingston and listed on the Jamaica Stock Exchange, has grown steadily in recent years through regional acquisitions.
