General Accident Insurance to acquire Trinidad-based Beacon Insurance

  • In a press release on the Jamaica Stock Exchange (JSE) on November 6, 2025, General Accident Insurance Company (Jamaica) Limited (GENAC), through its parent company, Musson (Jamaica) Limited (Musson), has purchased 100% of Beacon Insurance Company Limited (Beacon) effective October 31, 2025. Beacon will subsequently become a subsidiary of General Accident, subject to additional regulatory approvals.
  • Beacon specialises in general insurance, underwriting for both individual and institutional clients, and offers a broad product range comprised of Property, Motor, Accident and Casualty, Marine Cargo and Hull, Bonds, and Engineering insurance. It is the fourth largest general insurer in Trinidad and Tobago by gross written premiums, trailing Guardian General Insurance Limited, Trinidad & Tobago Insurance Limited (TATIL), and Colonial Fire & General Insurance Limited (COLFIRE). The company has a regional presence through its Barbados, Grenada and Saint Lucia offices, and agency operations located in Dominica, Saint Kitts and Nevis, and Saint Vincent and the Grenadines.
  • The acquisition is set to greatly expand General Accident’s presence in Trinidad and Barbados and allow it to enter new markets in Dominica, Grenada, St. Kitts, St. Lucia and St. Vincent. General Accident’s gross written premiums are now projected to be in excess of J$32Bn annually, up from J$23Bn in FY2024.
  • That said, Beacon is set to continue to operate as an independent subsidiary of General Accident, and the combined company intends to maintain both the Beacon and General Accident brands in Trinidad and Barbados.
  • Additionally, Beacon will continue to be managed by its existing executive team led by Chief Executive Officer Christopher Woodhams. Mr Woodhams will report directly to Sharon Donaldson, Group Chief Executive Officer of General Accident, and oversee Beacon and General Accident’s combined business in Trinidad.
  • General Accident Chairman PB Scott said, “We have long admired Beacon as an outstanding, well-managed insurance company. We are privileged to now have the opportunity to work with its talented leadership team, combine Beacon with our own business and create a powerful platform across the Caribbean. I’m excited about our ability to join forces with [the] Beacon team to better serve our people and our clients at both General Accident and Beacon.”
  • With Hurricane Melissa posing short-term headwinds for General Accident and other local insurance companies, owing to likely higher insurance claims, the potential geographical diversification and growth provided by the Beacon acquisition could be accretive for long-term investors. However, this will depend on the realisation of post-merger synergies, effective integration and management, and the financial structure of the deal.
  • At market close on Thursday, GENAC’s price was J$5.56, down 10.03% since the start of the year. At its current price, the company trades at a P/E of 9.11x, which is below the Main Market Financial Sector average of 11.51x.

(Source: JSE, NCBCM Research)