分类： business

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.

As individuals age or face mobility challenges due to illness or injury, the ability to perform basic tasks like getting out of bed or moving to a wheelchair becomes increasingly difficult. Recognizing this universal need for dignity and independence, Neala Persad, Director of Sales and Administration at Access Mobility MedCare, has dedicated her career to providing innovative home accessibility solutions. One such groundbreaking product is the UpLyft, a self-transfer system designed to enhance the quality of life for those with limited mobility. Launched in Trinidad and Tobago on October 8 at the Kapok Hotel, the UpLyft represents more than just a business venture—it’s a mission to restore dignity and independence to individuals facing physical challenges. The UpLyft, constructed with high-carbon steel and an electromechanical screw drive system, can safely transfer individuals weighing up to 330 pounds (136 kg) from a supine position to a wheelchair without the need for nursing assistance. Its user-friendly design allows individuals to operate the system independently, further promoting autonomy. While initially designed for medical facilities, the UpLyft is also available for home use, with leasing options starting at $750 per month. Access Mobility MedCare, headquartered in Canada, has expanded its operations to Trinidad and Tobago, driven by Persad’s passion and strong alliances within the medical community. The company’s broader portfolio includes bathroom modifications, ramps, stair lifts, and porch lifts, positioning it as a leader in mobility solutions. Persad emphasizes the importance of planning for ageing and mobility challenges, advocating for mental health support and strong community networks to complement physical accessibility solutions. The UpLyft is not just a product; it’s a testament to the belief that everyone deserves to live with dignity and independence, regardless of their physical limitations.

LJ Williams Ltd, the parent company of The Home Store Ltd, has disclosed a slight enhancement in its financial performance for the six months ending September 30. Despite a decline in turnover from $73.30 million to $71.35 million compared to the previous year, the company has managed to reduce its losses. The group reported a pre-tax loss of $488,000, a significant improvement from the $974,000 loss recorded in the same period last year. According to the condensed financials released on November 6, the half-year sales amounted to $71.355 million, with an operating profit of $2.14 million, which was offset by finance costs of $2.63 million. After accounting for taxation and minority adjustments, the net loss attributable to shareholders was $867,000, with a total comprehensive loss of $875,000. Total assets were reported at $225.71 million, bolstered by non-current assets of $145.14 million and current assets of $80.57 million. Management credited the improved loss position to cost-cutting measures implemented in response to a challenging retail environment. Chairman Lawford Dupres noted that the reduction in losses represents an improvement over the previous year’s performance. He highlighted weaker consumer spending and limited access to foreign exchange as significant challenges for the distribution business. Operational adjustments included reducing the number of Home Store outlets to focus resources on higher-performing locations and lower overhead costs. The Home Store operation in Guyana exceeded budget expectations, while the Food & Allied division, the company’s mainstay, achieved a 7.5% sales growth. Conversely, the Hardware division experienced weaker sales, partly due to reduced exports, whereas the Shipping division saw a 17% increase in sales compared to the previous period. Retained earnings were $44.398 million, and reserves stood at $34.597 million. The group’s statement emphasized that foreign exchange availability will remain a critical factor for the import distribution business in the coming months, with management continuing to prioritize cost control and focus on outlets with greater potential.

McDonald’s restaurants in Trinidad are set to celebrate their ninth annual ‘Great Day’ on November 7, a hallmark event dedicated to fostering community unity and empowering the nation’s youth. This year, the fast-food giant continues its longstanding partnership with the Heroes Foundation, a local non-profit organization focused on mentoring and personal development for young people.

Ashley Parasram, the visionary director of the Trinidad and Tobago Fine Cocoa Company, has dedicated the past decade to revitalizing the islands’ cocoa industry. His journey began in 2012 when he returned to his birthplace, Trinidad and Tobago, after years abroad. With a background in sustainable development and forestry management, Parasram was drawn to the potential of cocoa as a catalyst for economic and cultural revival.

The Florida Third District Court of Appeal has reaffirmed a $131 million judgment against businessman Steve Ferguson, marking the conclusion of a 19-year legal saga. Ferguson was accused of orchestrating a multimillion-dollar fraud scheme tied to the construction of Trinidad and Tobago’s Piarco International Airport. In a November 5 ruling, judges Thomas Logue, Monica Gordo, and Fleur Lobree upheld a Miami-Dade County jury’s verdict, which found Ferguson guilty of civil fraud, conspiracy to commit fraud, and violations of Florida’s Civil Remedies for Criminal Practices Act and the Racketeer Influenced and Corrupt Organizations Act (RICO). The court dismissed Ferguson’s argument that the Republic of Trinidad and Tobago failed to prove a ‘domestic injury,’ a critical requirement under federal RICO law. The judges highlighted evidence of bribes, bid manipulation, and money transfers through Miami-based companies and bank accounts, establishing Florida as a central hub for the fraudulent activities. The court also noted the use of Florida corporations to inflate bids, funnel kickbacks through Bahamian shell accounts, and purchase Miami properties for government officials involved in the conspiracy. The ruling emphasized Florida’s role as a global financial and business hub, underscoring the state’s interest in addressing criminal enterprises operating within its jurisdiction. The case, which began in 2004, saw most defendants settle or be dismissed before trial. In 2023, Ferguson and two co-defendants were found jointly liable for $32 million in damages, later tripled under Florida’s RICO provisions and increased to $131.3 million with prejudgment interest.