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.