In a landmark move reshaping the Caribbean insurance landscape, General Accident Insurance Co (Jamaica) Ltd has finalized its acquisition of Beacon Insurance Company Ltd. The transaction, completed on October 31, saw General Accident’s parent company, Musson (Jamaica) Ltd, acquire 100% of Beacon’s shares. Once regulatory approvals are secured, Beacon will operate as a subsidiary of General Accident, marking a significant expansion of the latter’s presence in Trinidad and Tobago (TT) and Barbados, while also granting access to new markets in Dominica, Grenada, St Kitts, St Lucia, and St Vincent. The merger is projected to elevate General Accident’s annual gross written premiums to over J$32 billion. Despite the acquisition, both brands will continue to operate independently in TT and Barbados, with Beacon’s existing management, led by CEO Christopher Woodhams, remaining intact. Woodhams will now report directly to General Accident Group CEO Sharon Donaldson and oversee the combined operations in TT. Additionally, Woodhams and Beacon director Christian Hadeed will join General Accident’s board, while the Hadeed family, founders of Beacon, will become minority shareholders in General Accident. This strategic partnership aims to preserve Beacon’s core values and ensure continuity within the broader regional group. Gerald Hadeed, Beacon’s founder, expressed confidence in the alignment of both companies’ insurance principles, emphasizing their shared commitment to client service and investment in people and technology. General Accident chairman PB Scott praised Beacon’s leadership and performance, highlighting the opportunity to create a powerful platform across the Caribbean. Founded in 1981, Beacon has been a dominant player in TT’s insurance sector, specializing in motor, property, and casualty insurance. General Accident, headquartered in Kingston and listed on the Jamaica Stock Exchange, has steadily expanded its regional footprint through strategic acquisitions.