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.

ATTIC is advising the general public of an increase in the number of reported incidents of fraudulent motor vehicle insurance certificates. Insurance should only be obtained from and payments made to companies and/or representatives approved by the Central Bank of Trinidad and Tobago (CBTT). When seeking to purchase motor insurance from a prospective representative i.e., an Agent or Sales representative, please verify that he/she is registered with CBTT as an intermediary. You can easily check CBTT’s website for all authorised agencies/sales representatives using the following link: https://www.central-bank.org.tt/core-functions/supervision/insurance-sector.

You can also:

• Request proof of registration from the agent or sales representative. It is a mandatory requirement that authorized CBTT representatives clearly display the certificate within their office at a location that is visible to the public and/or produce it upon request by a prospective consumer.
• Contact the insurance company to verify that the person is contracted to sell motor insurance on their behalf.

WHEN PAYING PREMIUMS

• If paying for the premium by cheque – consider paying to the order of the insurance company.
• Ensure that you receive an official receipt at all times.
• Ensure that you have accurate contact details of the person handling your transactions.
• Ensure that you receive valid insurance policy documents

DO NOT ASSUME

• That a person wearing clothing with an insurance company’s logo means that he/she is an agent/sales representative of that company.
• A document such as a motor certificate with the company’s logo is authentic as these can be easily reproduced.
• A person with a calling card bearing the company’s name and logo to mean that he/she is an agent or sales representative as these can also be easily created.

IMPORTANT
If you purchase insurance from an unauthorised person, the insurance certificate will be fraudulent and you would be uninsured. Therefore, any claim will not be honoured and you may be liable for any damages to properties or injuries incurred, if you are found to be at fault. Additionally, you may be charged by the police for driving without a valid insurance certificate.

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.

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.”

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.”