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General Accident Insurance Company Jamaica Limited is expanding through the addition of a new subsidiary, Trinidad-based Beacon Insurance Company Limited, which will create one of the largest regional insurance platforms in the English-speaking Caribbean.
The plans were disclosed in a market filing by Genac on the Jamaica Stock Exchange on Wednesday, November 5, and follows Musson Jamaica Limited’s purchase of 100 per cent of Beacon Insurance, effective October 31.
Beacon will now operate as an independent subsidiary of Genac, maintaining its brand in Trinidad and Barbados, while expanding Genac’s footprint into Dominica, Grenada, St Kitts, St Lucia, and St Vincent & the Grenadines.
The transaction between the two insurers is subject to final regulatory approvals, but the companies have already started integration planning. On November 6, General Accident Group CEO Sharon Donaldson hosted a town hall meeting with Beacon staff in Port of Spain to outline plans for the combined entity and reassure employees about continuity and growth.
General Accident Insurance Company was founded in the 1920s. It became a Musson subsidiary in 1998, was taken public via the stock market in 2011, and has expanded regionally since 2019, acquiring Motor One in Trinidad and launching operations in Barbados in 2020.
Genac gross premiums amounted to more than $11 billion in 2024, and is now projected to exceed $32 billion annually post-acquisition.
Beacon Insurance Company Limited, founded in 1972, is a leading general insurer in Trinidad & Tobago. In 2023, Beacon reported TT$505 million in insurance revenues, TT$788 million in total assets, and TT$192 million in shareholder equity. Its net profit stood at TT$11 million. Beacon employs over 200 staff across its network.
The acquisition is part of Genac’s strategy to build out a pan-Caribbean insurance powerhouse.
“We have long admired Beacon as an outstanding, well-managed insurance company,” said Genac Chairman Paul B. Scott. The intent is to “combine Beacon with our own business and create a powerful platform across the Caribbean”, Scott said.
“Beacon has built a reputation for integrity and innovation,” added Sharon Donaldson in an interview with the Financial Gleaner. “Our goal is to create a culture that honours the best of General Accident and Beacon, a place where everyone feels valued, empowered and inspired to do their best work,” Donaldson said.
Beacon CEO Christopher Woodhams will continue to lead the company. He reports directly to Donaldson. Both Woodhams and Beacon director Christian Hadeed will join Genac’s board, while the Hadeed family will become minority shareholders in Genac.
The acquisition process began in early 2025 with Musson’s interest in expanding its insurance holdings. Shareholder approvals were secured in September, and Musson completed the purchase of Beacon on October 31. The public announcement followed on November 5, with integration activities commencing immediately thereafter.
The remaining hurdle is regulatory approval from insurance commissions in Jamaica, Trinidad & Tobago, and other jurisdictions where Beacon operates. Both companies have expressed confidence in securing these approvals by year end.
The combined entity will be one of the largest general insurers in the Caribbean, with a diversified portfolio across motor, property, marine, engineering, and accident insurance. In Jamaica, Genac currently shares the top two spots in the general insurance market with British Caribbean Insurance Company, with market share at 25 per cent.
Donaldson said the town hall meeting with Beacon staff was aimed at fostering transparency and trust.
“We are not here to dismantle what Beacon has built. We are here to build on it,” she told employees. Staff were assured that Beacon’s brand, leadership, and customer service ethos would remain intact.
The value of the acquisition was not disclosed.
“This is not just a transaction. It’s a transformation,” Donaldson said.
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