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The Beacon Insurance Company Limited Joins the Musson Group
A New Chapter for Insurance in Barbados and the Caribbean.
We are pleased to announce that The Beacon Insurance Company Limited has been acquired by Musson Jamaica Limited and officially joined the Musson Group of Companies, effective October 31, 2025.
As part of this transition, Beacon is now a sister company to General Accident Insurance Company (Barbados) Limited. This exciting development aligns two trusted brands, strengthens our regional footprint and enhances our ability to deliver trusted insurance solutions backed by one of the Caribbean's leading corporate groups.
This new chapter reflects a shared commitment to service excellence, regional growth, financial soundness and long‑term value for our customers and partners.
To learn more about this announcement click the link below:
https://cdn.jamstockex.com/pd/2025/11/Press-Release-GENAC-Acquisition.pdf
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Two trusted brands, one shared commitment — explore your expanded insurance options with General Accident today.
CariCRIS reaffirms ‘good creditworthiness’ ratings of General Accident Insurance Company Jamaica Limited
CariCRIS reaffirms 'good creditworthiness' ratings of General Accident Insurance Company Jamaica Limited
Caribbean Information and Credit Rating Services Limited maintains stable outlook on ratings
Jamaica National Scale Foreign Currency
jmA-
Jamaica National Scale Local Currency
jmA
These ratings indicate that the level of creditworthiness of this obligor,
adjudged in relation to other obligors in Jamaica, is good.
Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed the Issuer/Corporate Credit Ratings assigned to General Accident Insurance Company Jamaica Limited (GENAC or the Company) at jmA- (Foreign Currency Rating) and jmA (Local Currency Rating) on the Jamaica national rating scale. These ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other obligors in Jamaica, is good.
CariCRIS has also maintained a stable outlook on the ratings. The stable outlook is based on the high likelihood that over the next 12 to 15 months, GENAC’s profitability would continue to grow, driven by higher other income in 2025 and higher insurance revenue in 2026. Moreover, the Company is expected to remain well-capitalized, with a good asset risk profile, and meet its obligations comfortably over the next 12 to 15 months. CariCRIS will continue to closely monitor the evolving impact of Hurricane Melissa on GENAC’s operations and credit profile over the coming months.
Rating Outlook
STABLE
Rating Strengths
The ratings of GENAC continue to reflect its good market position as a long-established player, with a good market share in the Jamaica general insurance industry. Additionally, the Company’s good capital adequacy, supported by low risk retention and a strong network of reinsurers, also supports the ratings. Further, GENAC continues to maintain a moderately diverse investment portfolio, with good returns and liquidity. Moreover, the Company’s continued profitability and strong Enterprise Risk Management (ERM) framework also support the ratings. These rating strengths are tempered by concentration risks associated with the Company’s exposure to Jamaica’s economy.
Rating Sensitivity Factors
Factors that could lead to an improvement in the Ratings and/or Outlook
- A reduction in the share of equity holdings to 25% or less of the investment portfolio sustained for 2 years
- Yield on invested assets ≥ 15% sustained for 2 years
- Return on Earning Assets (ROEA) ≥ 15% sustained for 2 years
- Return on Equity (ROE) ≥ 20% sustained for 2 years
- Minimum Capital Test (MCT) Ratio ≥ 200% sustained for 6 months
- Total Investment Assets/ Policy Liabilities > 1.2 times sustained for 2 financial periods
Factors that could lead to a lowering of the Ratings and/or Outlook
- An increase in the share of equity holdings to 50% or more of the investment portfolio sustained for 2 years
- Yield on invested assets ≤ 8% sustained for 2 years
- ROEA ≤ 3% sustained for 2 years
- ROE ≤ 5% sustained for 2 years
- A 2-notch deterioration of the credit rating of any of GENAC’s top 5 reinsurers by A.M. Best or S&P Global
- Loss of relationship with any of the Company’s major reinsurers and failure to provide viable replacements
- A deterioration of the Company’s MCT Ratio below regulatory minimum sustained for 6 months
- Total Investment Assets/ Policy Liabilities < 0.3 times sustained for 2 financial periods
About the Company
General Accident, located in Kingston, Jamaica, commenced operations in the 1920s as agents for global insurer, General Accident Fire and Life Assurance Corporation Limited (GAFLAC), headquartered in Perth, Scotland. In 1981, the majority shareholding1 of GAFLAC’s agency’s operations was acquired by Musson (Jamaica) Limited (the Musson Group)2, after which it was renamed and incorporated as General Accident Insurance Company Jamaica Limited (GENAC or the Company) and became a wholly owned subsidiary of the Musson Group. In 2011, 20% of GENAC’s shares were listed on the junior market of the Jamaica Stock Exchange (JSE). With the exception of the Musson Group, the 2 largest shareholders as at September 2025 were Mayberry Jamaican Equities Limited and Pan Jamaica Group (PAM) – Pooled Equity Fund, holding around 3.7% of the aggregate shareholdings of GENAC. In 2023, GENAC graduated to the main market of the JSE. GENAC offers a range of general insurance products including motor, property, travel, engineering, bonds, public liability and marine cargo.
September 2019
GENAC acquired 55% of the share capital of Motor One Insurance Company Limited in Trinidad and Tobago (T&T) (Motor One), subsequently raising its shareholding to 65% in June 2020 and further to 75% in December 2022.
October 2020
Motor One was formally renamed General Accident Insurance Company (Trinidad) Limited (GENACTT).
2019
The Company also incorporated General Accident Insurance Company (Barbados) Limited (GENACBB), a subsidiary of GENAC which commenced operations in May 2020.
Collectively, the GENAC Group (the Group) comprises GENAC (the Company), General Accident Insurance Company (Trinidad) Limited (GENACTT) and General Accident Insurance Company (Barbados) Limited (GENACBB). Each entity is led by its own Board of Directors. While no GENAC holding company currently exists, there is a Group Executive Management and Group Shared Services, which includes a business intelligence function. In line with regulatory requirements related to the twin peaks model of the Bank of Jamaica (BoJ) and the Jamaica Financial Services Commission (FSC), a financial holding company is expected to be formed in 2026.
Effective October 31, 2025, the Musson Group2 purchased 100% of Beacon Insurance Company Limited (Beacon)3. Beacon will become a subsidiary of the GENAC Group, subject to additional regulatory approvals. Beacon will continue to operate as an independent subsidiary of the GENAC Group and the combined company intends to maintain both the Beacon and GENAC brands in Trinidad and Barbados.
2 The Musson Group is a manufacturing and merchandising group incorporated and domiciled in Jamaica.
3 Beacon Insurance Company Limited (Beacon) is domiciled in Trinidad and Tobago (T&T) with a presence in other Caribbean territories including Barbados, Grenada, Saint Lucia and agency operations located in Dominica, Saint Kitts and Nevis, and Saint Vincent and the Grenadines. While Beacon specializes in general insurance, it also has a composite insurance license that has enabled its expansion into the life insurance industry.
For More Information
Please visit www.caricris.com or contact:
Dr. Kathryn Budhooram
Mr. Keith Hamlet
Note:
This rating release is transmitted to you for the sole purpose of dissemination through your agency/newspaper/magazine. You may use this rating release in full or in part without changing the meaning or context thereof, but with due credit to CariCRIS. CariCRIS has the sole right of distribution of its rating releases, for consideration or otherwise, through any media, including websites, portals, etc.
GENERAL ACCIDENT TO ACQUIRE BEACON
GENERAL ACCIDENT TO ACQUIRE BEACON
Combination will create a leading Caribbean insurance company.
PORT OF SPAIN, Trinidad – November 5, 2025. General Accident Insurance Company (Jamaica) Limited (JSE:GENAC) (“General Accident”) and Beacon Insurance Company Limited (“Beacon”) today announced their intention to complete a transaction which will create a leading Caribbean insurer.
General Accident’s parent company Musson (Jamaica) Limited (“Musson”) has purchased 100% of Beacon effective October 31, 2025. Beacon will subsequently become a subsidiary of General Accident subject to additional regulatory approvals.
Strategic Expansion
The acquisition will greatly expand General Accident’s presence in Trinidad and Barbados and allow it to enter new markets in Dominica, Grenada, St. Kitts, St. Lucia and St. Vincent. General Accident’s gross written premiums are now projected to be in excess of J$32 billion annually.
Transaction Highlights
- Musson (Jamaica) Limited purchased 100% of Beacon effective October 31, 2025
- Beacon will become a subsidiary of General Accident subject to regulatory approvals
- Greatly expands General Accident’s presence in Trinidad and Barbados
- Entry into new markets: Dominica, Grenada, St. Kitts, St. Lucia, and St. Vincent
- Projected gross written premiums exceed J$32 billion annually
Operational Structure
Beacon will continue to operate as an independent subsidiary of General Accident and the combined company intends to maintain both the Beacon and General Accident brands in Trinidad and Barbados.
Additionally, Beacon will continue to be managed by its existing executive team led by Chief Executive Officer, Christopher Woodhams. Mr. Woodhams will report directly to Sharon Donaldson, Group Chief Executive Officer of General Accident and oversee Beacon and General Accident’s combined business in Trinidad. Finally, both Christopher Woodhams and Beacon director Christian Hadeed will join the board of General Accident.
Commitment to Values
The Hadeed family are expected to become minority shareholders in General Accident demonstrating their commitment to upholding the core values that have guided Beacon’s success and their confidence in the future of the larger combined regional business.
Speaking on the transaction, founder of Beacon, Gerald Hadeed said,
General Accident Chairman, P.B. Scott, commented,
General Accident grows insurance revenue as it eyes regional scale
General Accident grows insurance revenue as it eyes regional scale
Chairman signals strategic expansion, improved business mix and cautious optimism for 2025 performance
Kingston, Jamaica — Regional insurance provider General Accident Insurance Company (GENAC) has recorded the highest insurance revenue in the company’s history, achieving earnings of $11.4 billion in 2024, an increase of $2.9 billion or 33% over the prior year.
At the company’s annual general meeting (AGM) on Friday, September 12, Paul B. Scott outlined GENAC’s long-term strategy to build a scalable, regionally diversified insurance platform, while pointing to further improvements expected in 2025.
Looking at the Group’s performance, General Accident Jamaica maintained its position as one of the largest underwriters of general insurance risks, with insurance revenue of $8.7 billion for the year ending December 31, 2024, an increase of $2 billion or 29% over 2023.
Operations in Trinidad and Tobago achieved profitability for the second consecutive year, while Barbados reached profitability for the first time.
Trinidad & Tobago
In Trinidad insurance revenue increased by 48 per cent over 2023, buoyed by strong customer retention, enhanced technology, and solid partnerships and net profit totalling $27.7 million in the year ended December 31, 2024.
Barbados
Meanwhile, in Barbados, revenue increased by 33% to $755.5 million, driven by the expansion of the company’s property and motor portfolio.
Motor Insurance Portfolio Strong
Speaking at Friday’s AGM, Scott also reaffirmed GENAC’s ambition to become the premier general insurance platform in the Caribbean, noting that scale is essential for long-term competitiveness — particularly in reinsurance negotiations.
Scott noted that while certain regulatory processes have influenced the pace of expansion, the company remains confident that these initiatives will advance in the near term. “Once approvals are in place, we expect to begin realizing benefits later this year,” he said.
He also highlighted the company’s evolving business mix, with motor insurance now representing more than half of segment revenues, up significantly from a predominantly property-heavy portfolio a decade ago. “Motor is now a core component of our business and will continue to grow,” Scott told shareholders at the AGM convened at the company’s offices on 58 Half Way Tree Road in Kingston.
He added: “We’ve seen consistent year-on-year growth in motor, and we believe it will play an even greater role in the years ahead.”
Market Share
GENAC currently holds a 23% share of the local property insurance market and a 14% share in motor. It sees greater short-term opportunity to expand its position in motor, which Scott said is likely to outpace property growth over the coming years.
Property insurance Market
Motor insurance Market
Scott reasoned there’s greater short-term potential in expanding its motor insurance portfolio compared to further gains in the property segment.
Scott noted that GENAC’s experienced management team remains focused on data-driven underwriting.
Positive Outlook
General Accident achieved a group-wide net profit of $248.3 million, reversing a loss from 2023, in a performance impacted by elevated reinsurance. Scott said the company was tracking toward a strong 2025 — potentially its most profitable year yet, barring any major catastrophe events.
He emphasised that GENAC’s core promise remains unchanged: “Our commitment to clients is simple — if something happens to them, we will put them back in a better position. That’s what we do.”
The Group remains well capitalised with an equity book value of $4.2 billion, providing stability to weather any potential economic challenges of 2025. Total assets increased by 24% to $12.2 billion, up from $9.8 billion in 2023.
General Accident triples Q1 profit, appoints new J’ca CEO
General Accident triples Q1 profit, appoints new J’ca CEO
General Accident Insurance Company Jamaica Limited (General Accident) tripled its net profit for the March 2025 quarter, posting $150 million, up from $55.5 million a year earlier. The company credited robust investment returns and steady insurance revenue growth for the sharp rise in earnings, even as it faced higher reinsurance and operating costs.
Concurrently, the company appointed Gregory St Hugh Foster as CEO and Country Manager for Jamaica. He succeeds long-serving executive Sharon Donaldson, who now assumes the full-time role of Group CEO, overseeing operations in Jamaica, Trinidad and Tobago, and Barbados.
“Investment income benefited from enhanced receivable collection initiatives across the group, which improved liquidity and enabled the strategic deployment of liquid funds into income-generating assets,” General Accident stated in its quarterly report. Improved investment strategies were central to the earnings boost, with management also reaffirming its focus on aligning investment decisions with the company’s risk appetite.
For the quarter ending March 31, insurance revenue rose 18 per cent year-over-year to $3 billion, up from $2.6 billion in the prior year. Total assets expanded to $14.4 billion, compared to $12.0 billion a year ago, driven by increased holdings in investment securities and reinsurance assets. Shareholders’ equity rose to $4.35 billion, up from $4.17 billion, reflecting strong retained earnings and capital reserves.
Despite the upward pressure on reinsurance premiums and other expenses, the company successfully renewed reinsurance contracts across all operating territories, a move it says reinforces financial stability and positions it for further growth.
“We are anticipating that as the year progresses, the initiatives that are being pursued will result in a positive impact on our subsequent results,” management stated.
Commenting on the leadership transition, Chairman PB Scott said: “Sharon and Gregory have demonstrated the leadership required to execute our strategy and position General Accident for continued success.”
Foster, a Chartered Accountant and a member of the Institute of Chartered Accountants of Jamaica, previously served as the company’s Chief Financial Officer and was promoted to Chief Operating Officer in 2019. Before joining General Accident, he was an Audit Manager at PricewaterhouseCoopers, with oversight of clients in the insurance, petroleum, and manufacturing sectors.
Donaldson, who has helmed General Accident for more than two decades, was instrumental in leading the company’s regional expansion and financial strengthening, including improvements in underwriting capacity and governance.
Hurricane Beryl Claims Process
Hurricane Beryl Claims Process
We hope that you and your loved ones are safe after the passing of Hurricane Beryl. If you have experienced any impacts and need to report a claim, you can follow the steps below for easy reporting.
Claims Reporting:
- Report the Claim: Contact us as soon as it is safe to do so to report any damage. You can report your claim by completing the form and submitting with the relevant photos to claimsbb@genac.com. You may also contact us via our telephone numbers at 538-2200 or 257-3392, or email us at infobb@genac.com. Our claims team will then guide you through the process.
- Document the Damage: We highly recommend taking photos and videos of any damage to your property or vehicle to help with post-hurricane insurance claims. Take clear, wide-angle photos of all rooms, including floors and ceilings. Capture images of the exterior of your home, including the roof, windows and doors. Photograph all valuable items and belongings. Keep receipts for any temporary repairs.
- Assessment: A claims adjuster will assess the damage and determine the extent of your (coverage) loss
- Settlement: We will work with you to settle your claim as quickly and efficiently as possible.
- Repairs: Once the claim is approved, you can proceed with the necessary repairs.
Emergency Contact Numbers:
In the event of an emergency, please reach out to us at:
- GENAC – 257-3392
- Wanda Mayers – 850-1944
- Gail Griffith – 233-7011
- Road Emergencies – 829-8400
Our team is available 24/7 to assist you during this time. We are here to support you and ensure your claims are handled promptly and efficiently.
We Are Here for You:
At General Accident, your safety and peace of mind are our top priorities. We are committed to providing you with the protection and support you need throughout the storm and the rest of the hurricane season. Please do not hesitate to contact us with any questions, or if you need assistance.
Stay safe and take care.
General Accident Retains CARICRIS Rating Three Years Running
Kingston, Jamaica: General Accident Insurance Company Jamaica Limited (GenAc) has maintained the jmA- (Foreign Currency Rating) issuer/corporate credit rating and jmA (Local Currency Rating) on its Jamaica national rating scale assigned by Caribbean Information and Credit Rating Services Limited (CariCRIS) for the third consecutive year in 2023..
CariCRIS first issued these ratings on December 16, 2021. CariCRIS also maintains a stable outlook on the ratings.
The regional credit rating agency reaffirmed the ratings, noting that they speak to the level of creditworthiness of GenAc while taking into consideration the good creditworthiness of other obligors in Jamaica.
Managing director of GenAc Sharon Donaldson notes that the ratings “reflects our commitment to sound financial management in an evolving economy. We are proud of our company’s strong business fundamentals as we maintain strong capital adequacy and drive profitability in the face of local and global risks,” she adds.
Donaldson asserts that the company continues to benefit from operational efficiencies derived from the digital transformation which facilitate online quotes, payments and policy distributions to clients via the website and other secure platforms.
According to CariCRIS, The ratings of GENAC reflect its good market position as a long-established player, with strong brand equity in the Jamaica general insurance industry. Additionally, the Company’s good capital adequacy, supported by low-risk retention and strong network of reinsurers also supports the ratings. GENAC continues to maintain a moderately diverse investment portfolio, with good returns and liquidity.”
Commenting on its outlook on the company, CariCRIS explains, “The stable outlook is based on our expectation that GenAc will continue to be profitable over the next 12 to 15 months and maintain its key credit drivers..”
Headquartered in Kingston, Jamaica, GenAc began operating in the 1920s as an agent of Scotland-based insurer General Accident Fire and Life Assurance Corporation Limited (GAFLAC). In 1981 Musson (Jamaica) Limited acquired a majority shareholding in the company and after renaming it, incorporated the company as General Accident Insurance Company Jamaica Limited — a wholly owned subsidiary of the Musson Group. In 2011, Musson Group listed 20 per cent of GenAc’s shares on the Jamaica Stock Exchange.
The company also operates in the Barbados and Trinidad and Tobago markets. In Barbados, GenAC was incorporated in 2019 and began operations in May 2020.
Lesley Miller Appointed to the Board of General Accident Insurance Company – April 28, 2022
General Accident Insurance Company Limited (GenAc) has announced the appointment of Mrs Lesley Miller to the Board as Director and Corporate Secretary effective April 20, 2022.
As GenAc’s Chief Information Officer since 2018, Mrs Miller has led the complete digital transformation of the customer service experience resulting in outstanding customer satisfaction, increased efficiency, and greater revenues.
She holds a B.Sc (Hons) in Computing and Information with a major in Data Communications from the University of Technology Jamaica and an MBA in Banking and Finance (Distinction) from the University of the West Indies.
Her expertise as a certified Project Management Professional and member of the Doctor Bird Chapter of the Project Management Institute (PMI) will ably support her new role on the Board. Mrs Miller brings considerable commercial and leadership experience having held a range of senior leadership positions at a leading telecommunications provider.
GenAc Board Chairman Paul B Scott welcomed Mrs Miller to the Board noting, “Lesley has demonstrated herself to be an asset to the General Accident team. She is well suited to expand her contribution to our firm. As a digital native, transformational leader, and certified project manager, we expect Lesley to strengthen our commitment to good corporate governance.”
He added, “Lesley’s addition to the Board further supports our efforts to build and maintain diversity across all levels of the Company.”
Mrs Miller expressed her pride in taking on her new role. “I am delighted to expand my service to GenAc in a new capacity. I look forward to the challenge and manifesting rewards for our stakeholders.”
GenAc is a member of the Musson Group with 40 years of experience providing general insurance to customers across the Caribbean. The Jamaica-based regional insurer is committed to providing innovative home, motor and travel insurance products, excellent customer service, fair staff remuneration and favourable returns to shareholders.
Digital transformation well underway in the insurance industry
The days where insurance policies were printed documents, signed manually and sent out via the post office are fast becoming history. Worldwide, the insurance industry is embracing digital innovation to develop new products, improve the responsiveness of customer service, facilitate flexibility and carry out a range of business functions such as marketing, quotations, accounting, claims handling and data analysis. This digital transformation is well underway in Jamaica as well.
An increasing number of routine insurance transactions can now be handled via multifunctional company websites, without the need for an in person visit to company, agent or broker. Clients can complete proposal forms, get quotations, make queries via online chat capabilities, register and track claims, review their portfolio of business and pay premiums online either via computer or smart phone access. Communication is increasingly done via electronic mail and customers can even print their own documents, such as digital Certificates of Insurance.
Online systems interface with other databases, such as motor vehicle registration, prior ownership, accident, insurance and driving history. Electronic processing and access to these databases reduces costs and premiums for insurers and drives better pricing. Many companies offer direct discounts for use of digital functionalities. Data analysis can identify fraudulent claims, uncover emerging trends in consumer behaviour and needs and thus guide new product development.
Using online services inevitably ushers in the need for data protection and security. Jamaican insurers use a range encryption tools to deliver strong security for policyholders, most often involving password-protected individual log-ins and a payment gateway for credit card transactions.
Other types of technological innovations are ahead. Installation of devices in motor vehicles that track driver behaviour and reward careful driving with premium reductions have already been rolled out in other jurisdictions. The same type of technology can record the sequence of events in an accident, with 360 degree, real time views recorded, helping investigators to assess liability. Dashcams are already being used to support or refute driver accounts of losses. Photographs of motor vehicles may soon be captured with video footage at inspection centres and instantly uploaded into shared databases or straight to individual policies with specific insurance companies.
For property insurance, drones are already being used to map risks according to prevailing hazards or accumulation of risk in certain areas. Drones can carry out site inspections, Drone footage can also be used to settle claims much more quickly after natural disasters such as fires, floods, earthquakes or hurricanes.
These technologies are just the tip of the iceberg for the insurance industry. Digital Transformation of Insurance the is not just about technology but most importantly providing customers with faster service, better pricing, and innovative and secure products.
Read other articles from the Insurance Association of Jamaica Year Book (Eleventh Edition) here.
General Accident Receives “Good Creditworthiness” CariCRIS Credit Ratings
General Accident Insurance Company Jamaica Limited (GENAC or the Company) has been assigned initial issuer/corporate credit ratings by Caribbean Information and Credit Rating Services Limited (CariCRIS), effective December 16, 2021.
The ratings of jmA- (Foreign Currency Rating) and jmA (Local Currency Rating), on the CariCRIS Jamaica national rating scale, reflect GENAC’s good market position as a long-established player with strong brand equity in Jamaica’s general insurance industry.
GENAC is the first standalone general insurance company in Jamaica that has been rated by CariCRIS. These credit ratings are reflected in GENAC’s investment portfolio, which continues to display good returns and good liquidity, despite the impact of COVID-19. Furthermore, GENAC’s history of profitable operations and its strong Enterprise Risk Management (ERM) framework both support the good ratings. Additionally, CariCRIS has assigned a stable outlook on GENAC with the expectation that the Company will continue to be profitable and maintain all its key credit drivers including good capitalisation and liquidity.
As at September 2021, the Company reported total assets of J$9.1 billion and over the last 5 years (2016-2020), its revenue and net profit have averaged J$8.7 billion and J$346.4 million, respectively.
Sharon Donaldson, Managing Director of General Accident Insurance Company Jamaica Limited, is pleased with the rating. “General Accident has successfully gone through the process of being rated by CariCRIS. Collectively, we remain committed to ensuring that General Accident continues on its growth path for the year ahead.”
© 2026 General Accident Insurance Company (Barbados) Limited
