In a landmark corporate maneuver, General Accident Insurance Company (Jamaica) Limited (JSE: GENAC) and Beacon Insurance Company Limited have announced their merger, aiming to create a dominant insurance entity across the Caribbean. The strategic acquisition, finalized on October 31, 2025, by Musson (Jamaica) Limited, General Accident’s parent company, will see Beacon Insurance operate as a subsidiary under General Accident, pending regulatory approvals. This merger is poised to significantly bolster General Accident’s market reach, particularly in Trinidad and Barbados, while expanding its footprint into new territories such as Dominica, Grenada, St. Kitts, St. Lucia, and St. Vincent. With annual gross written premiums surpassing J$32 billion, General Accident’s influence continues to grow. Despite the merger, Beacon will maintain its operational independence under its established brands in Trinidad and Barbados, with its current leadership, including CEO Christopher Woodhams, remaining intact. Woodhams will report directly to Sharon Donaldson, Group CEO of General Accident, and will oversee operations for both brands in Trinidad. Additionally, Christian Hadeed, a director of Beacon, alongside Woodhams, will join the board of General Accident, with the Hadeed family becoming minority shareholders in the newly formed entity. Gerald Hadeed, founder of Beacon, expressed confidence in the merger, highlighting shared insurance principles and a commitment to client service. P.B. Scott, Chairman of General Accident, lauded the partnership, emphasizing the potential to create a robust platform across the Caribbean and enhance service delivery for clients of both companies.
Major Caribbean insurance merger announced as General Accident and Beacon join forces
