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.”