The Financial Services Commission of Barbados issued General Accident Insurance Company (Barbados) Limited (“General Accident Barbados”) a license to operate as a registered Class 2 Insurer in Barbados on Wednesday April 16, 2020.

 

General Accident Barbados is a subsidiary of General Accident Insurance Company Jamaica Limited, which owns an 80 per cent share of the entity.

Barbadian consortium BCDL Holdings Limited, whose shareholders include current and former executives of Williams Industries and Williams Caribbean Capital, own the remaining 20 per cent

According to the company’s Chairman P.B. Scott, “The decision to enter the Barbados market reflects the long-term confidence we have in the economy and people of Barbados. It is also consistent with our strategy of expanding General Accident’s reach across the English-speaking Caribbean.

“With the announcement, General Accident will now be present in Jamaica, Trinidad and Barbados. We look forward to combining General Accident’s brand, expertise and financial strength with BCDL’s extensive local relationships in Barbados,” Scott said

Sharon Donaldson, General Accident’s Managing Director commented, “Soon General Accident Barbados will provide the Barbadian general insurance market with innovative products and unparalleled service. We will be providing more details about our official launch date and reaching out to brokers, policyholders and other stakeholders shortly.

General Accident expands into T&T market

Effective March 1, Pettier took over the operations of the legacy company, which is a subsidiary of the General Accident Insurance (Jamaica) Limited and member of the Musson Group. She was also appointed as a director on the management board.

Before her appointment as CEO, Pettier joined the Motor One team as Head of Underwriting and Insurance Operations in October 2019.

“We are happy to utilise Ms Pettier’s vast experience leading our operations in Trinidad and Tobago,” said Sharon Donaldson, managing director of General Accident Insurance Limited at her appointment. “As we expand our Caribbean footprint, I know she will see to the best plans as we future-proof our clients’ lives.” With over 20 years of experience in the industry Pettier, brings a wealth of knowledge from all levels of the business.

She started as an underwriter, in 1997, after getting her Bachelor of Law at the University of London the year before.

Pettier shared that her “accidental career” of insurance chose her. Building on her first degree, the “job” also offered formal qualifications in general insurance.

Spurred by the birth of two children in two years, she jumped into the world of insurance and the incredible opportunities it afforded.

Between 1997 and 1999, Pettier became the team coordinator for customer service at Maritime General Insurance Company Limited, then developed her underwriting skills from 1999 to 2008 at Colonial Fire and General Insurance Company Limited.

For the next two years, her risk analysis and management skillset grew at Phoenix Park Gas Processors Limited as the project manager for the company’s enterprise risk management system, a pioneering effort for the entity. At Telecommunications Services of Trinidad and Tobago, she was actively involved in developing the company’s Disaster Preparedness and Business Continuity plans and was one of the representatives on the Ministry of Public Utilities’ Disaster Preparedness Committee.

Pettier started at Beacon Insurance Company Limited in 2011 as assistant manager of Broker Services Unit and rose to vice-president of insurance operations when she left in 2017. While at Beacon, she pursued postgraduate studies with a Masters of Business Administration with a Specialism in Strategic Planning from Heriot-Watt University in 2013, then a health insurance associate designation in America’s Health Insurance Plans in 2014.

She transitioned to MASSY United Insurance Limited as Head of Underwriting and Insurance Operations prior to joining Motor One. Locally, Pettier is actively involved in many committees of both the Association of the Trinidad and Tobago Insurance Companies (ATTIC) and the Trinidad and Tobago Insurance Institute (TTII).

Future-Proof

Like insurance, Pettier said that her life and career risks paid off.

“Many people have taken a risk with me. Even as a high-potential individual, some would have seen a young mother of four, as a liability. My mentors always believed in me and saw great things,” Pettier says.

“Becoming CEO was not something I envisaged. All I wanted was to be a financially independent woman who could take care of her children if anything untoward ever happened in life. What most saw as great ambition, I saw as common sense and it drove me to study and work hard,” she shares.

Insurance, she believes, is a cornerstone of industry and the development of society.

“Very few people will take risks if their entire life’s savings was in jeopardy,” Pettier explains. “Insurance gives people comfort to take those chances, for themselves and the wider society. We allow people and businesses to recover from setbacks. I believe in it and what it means for us all.”

As CEO, the training and development of team members will be a priority.

“Opportunities to work with and train alongside international players made me aware of the importance of my work and career, it has reinforced my commitment to participate in enriching the lives of our staff,” she said.

The industry she feels, has avenues for working together with other companies, all for the benefit of the greater society.

“Our industry is filled with ethical, responsible, caring people who see that we serve a greater purpose, one beyond our individual companies. Motor One, though, will always shine by how we treat people — our employees, our customers, and everyone who has an encounter with us.

“Motor One, and General Accident, are building a reputation for a “new” company. A lot of our time is going to be spent on establishing ourselves in the minds of our customers and stakeholders. The cornerstones of all that we do are trust and ease of doing business. Our work will all be worth it as we make a substantial and significant difference. All valid claims must be paid, people trust us with their money, their prized possessions, the sweat of their brows and we must never betray that trust,” Pettier declares.

General Accident Insurance Company Jamaica Limited (“General Accident”) today announced the acquisition of a majority stake in Motor One Insurance Company Limited (“Motor One”) a Trinidadian motor insurance company headquartered in Port of Spain with a large branch network throughout Trinidad.

Under the terms of the agreement General Accident will acquire a 55% stake in Motor One with the remaining 45% of the shares acquired by Micon Marketing Limited. The transaction has received the approval of the Financial Services Commission in Jamaica and a letter of no objection from the Central Bank of Trinidad and Tobago. Robert Mowser, an experienced Trinidadian insurance executive, has been appointed as Motor One’s Chief Executive Officer.

General Accident is considered a market leader in general insurance in Jamaica. In addition to being a major property insurer, General Accident has recently increased its presence in the Jamaican motor insurance market through the General Accident brand and Autosmart, a sub-brand dedicated exclusively to motor insurance.

The acquisition of Motor One will allow General Accident to continue the growth of its motor insurance business and to enter the Trinidadian market, its first market outside of Jamaica. According to statistics provided by the Insurance Association of Jamaica (IAJ) and the Association of Trinidad and Tobago Insurance Companies (ATTIC), the Trinidadian insurance market is over 40% larger than the general insurance market in Jamaica.

According to General Accident’s Chairman P.B. Scott, “This acquisition is an important first step in our wider regional growth strategy which we believe will increase our economics of scale, spread our risk and significantly enhance shareholder value. Entering the Trinidad market has long been an objective for General Accident. We look forward to working with our executive team and the local brokerage community to give Trinidadian consumers exceptional service and coverage.”

Sharon Donaldson, General Accident’s Managing Director commented, “General Accident has strong brands, an outstanding team of professionals and the support of the world’s leading reinsurers. We are excited to work with our talented local management team to operate in the Trinidadian market.”