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.