标签： Jamaica

KINGSTON, JAMAICA – A major shift in ownership structure has reshaped Jamaica’s leading general insurance provider, General Accident Insurance Company Jamaica Limited (GENAC), after the Hadeed family-controlled CGH Limited secured a substantial stake in the company as part of the sale of Trinidad-based Beacon Insurance Company Limited. The transaction, which was formally disclosed in a regulatory filing released on May 28, has positioned the Hadeed family as the second-largest shareholder in the Jamaican insurer, marking one of the most significant regional insurance industry moves in recent months.

Per the terms of the deal, CGH received a total allocation of 150,021,478 new ordinary shares and 9,700 new redeemable preference shares in GENAC. This share issuance serves as full consideration for the acquisition of Beacon by Musson (Jamaica) Limited, which closed the purchase of the general insurer on October 31 of last year. Following the transaction, CGH now holds a 12.70% stake in GENAC’s total issued ordinary shares, while majority owner Musson has seen its ownership stake drop from 80% to 69.84% of the company’s ordinary shares. Corporate records confirm that CGH is majority-owned by Gerald Hadeed, who holds 66.6% of the holding company, with the remaining 33.4% controlled by Christian Hadeed. In addition to the new stake, both Christian Hadeed and Beacon’s current Chief Executive Officer Christopher Woodhams were appointed to GENAC’s board of directors on May 19, giving the Hadeed group direct representation in the company’s governance.

Industry observers note that the transaction structure is layered for long-term strategic purposes: while Musson currently holds full ownership of Beacon following its original purchase, GENAC has planned a subsequent acquisition of the Trinidadian insurer from its parent company at a future date. Once this final acquisition step is completed, GENAC will hold a 70% controlling stake in Beacon, with Musson retaining a 30% minority stake in the regional carrier.

In its official disclosure to regulators, GENAC confirmed that key components of the final acquisition are still pending, noting that the transaction remains subject to final regulatory approval from the governing bodies overseeing Beacon’s operations in Trinidad. Until that approval is secured, the final transfer of Beacon’s ownership cannot move forward.

Valuation data from Jamaica’s Companies Office puts the ascribed value of the newly issued shares at J$6.32 per ordinary share and US$1,000 per redeemable preference share. That valuation means the newly issued ordinary shares allocated to CGH carry a total worth of J$948.14 million, while the preference shares are valued at US$9.7 million, equal to roughly J$1.51 billion at current exchange rates.

The news of the ownership restructuring has already had a visible impact on GENAC’s performance on the Jamaica Stock Exchange (JSE). The company’s share price jumped 14% in trading on Tuesday, closing at J$9.15 per share. That gain pushes the insurer’s year-to-date increase in share value to 48% so far in 2026, giving GENAC a total market capitalization of J$9.44 billion as of the close of trading Tuesday.

Notably, the change in GENAC’s total issued share count has not yet been updated on JSE trading records. Once the newly issued shares are formally converted to standard stock units, the company’s total issued ordinary share count will rise to 1,181,271,478 outstanding ordinary shares. The update is expected to be reflected in exchange records as soon as all post-transaction administrative steps are completed.

Jamaica’s longest-running and most trusted delivery services provider Mailpac has launched its strategically positioned new branch in Barbican, St Andrew, marking the first step in a company-wide transformation aimed at redefining package shipping and collection experiences for Jamaican consumers. In an official statement released Tuesday, the brand framed the opening of this new location as the start of a bold new era for the decades-old delivery enterprise. Operating in an increasingly saturated market dominated by generic, one-size-fits-all delivery solutions, Mailpac says the future of parcel services goes far beyond simply moving packages from origin to destination. Instead, the company argues that successful delivery providers must integrate their services seamlessly into customers’ daily routines, delivering higher convenience, greater efficiency, and more affordable pricing than existing offerings. The new Barbican outlet is the first tangible demonstration of this customer-centric vision put into practice. Photos from the launch event show Mailpac Chief Operating Officer Everton Jhulur and Chief Executive Officer Dr. Mark Gonzales posing outside the newly opened branch, with the full local team already on site ready to serve customers. Per the company’s release, the new location was intentionally placed in one of Kingston’s most dynamic and fast-growing lifestyle-focused communities. It sits adjacent to popular local amenities including pickleball courts, fitness and wellness centers, and a range of everyday retail and service spots that residents already visit regularly. A key differentiator for the Barbican branch is its extended operating hours, closing at 7:00 PM daily to accommodate customers’ busy schedules. This extended window means shoppers can collect their parcels on their own time, whether that is after finishing work, wrapping up a workout, or completing other daily errands, without having to rearrange their entire day around a rigid pickup schedule. In remarks on the launch, Dr. Gonzales emphasized what sets Mailpac apart from newer, smaller competitors in the crowded delivery space: decades of earned consumer trust and deep institutional expertise that the brand brings to every new strategic move. “We have never been a company that rests on past success. Every few years, we take an honest look at where the market is heading, and we evolve to meet customers’ changing needs. The Barbican branch is a perfect example of that approach,” Dr. Gonzales explained. He noted that the delivery market is currently filled with providers offering identical services in identical ways, but today’s Jamaican customers are busy, dynamic people who deserve a service that fits around their lives, not the other way around. “Barbican is just the first step. Extended operating hours, locations integrated into popular lifestyle hubs, and an unwavering focus on convenience, efficiency, and value: this is the direction we are moving as a company, and we have only just gotten started,” the CEO added. Mailpac confirmed that it is re-evaluating every customer touchpoint across its network, from outlet placement to operating hours, drawing on its decades of local industry knowledge and brand trust to guide its overhaul. In the coming months, the company says customers can expect more announcements as it rolls out its full suite of next-generation customer experience initiatives across Jamaica.

KINGSTON, Jamaica — As big tech giant Google accelerates its expansion of contactless digital payment infrastructure across the Caribbean region, CIBC Caribbean has become the latest financial institution to roll out Google Pay integration, with a phased rollout that introduces differing access rules across its regional footprint. The launch marks another key milestone in the Caribbean’s gradual shift toward modern cashless payment systems, even as local market challenges remain to full adoption.

Google Pay, the contactless payment tool hosted within Google’s Wallet mobile application, allows users to link their existing debit or credit cards directly to their Android devices. The platform’s core value proposition lies in its security model: through a tokenisation process, actual bank card details are never shared with merchants during transactions, cutting down the risk of card data theft and fraud. Users can complete both online checkout and in-person contactless payments with just a tap of their smartphone.

Per CIBC Caribbean’s official announcement, Jennifer Fuller, the bank’s director of enterprise payments, cards and merchant services, framed the launch as a key step in the bank’s ongoing digital transformation strategy. “Introducing Google Wallet support for clients reflects CIBC Caribbean’s ongoing commitment to delivering innovative client-centred digital banking solutions and is another important step in enhancing the digital banking experience for our clients,” Fuller stated in the press release.

For Jamaican CIBC Caribbean customers, the launch brings immediate access to Google Pay for all Visa and Mastercard credit cards, which can be added to the Google Wallet app on any Android device for instant use. However, the country faces a unique limitation not seen in other CIBC Caribbean markets: Jamaican users will not be able to link their debit cards to the service for the foreseeable future. To date, Jamaica is the only market in the bank’s footprint where this restriction is in place.

By contrast, CIBC Caribbean customers in four other regional markets — Barbados, The Bahamas, the Cayman Islands and Trinidad & Tobago — enjoy full access, with the ability to add both debit and credit cards to their Google Wallet accounts. The bank confirmed that it plans to gradually roll out the service to its five remaining Caribbean operating territories in the coming months, following a controlled, phased rollout schedule.

“Adding Google Pay supports our focus on convenience, security and innovation, while allowing us to roll out this service in a phased and controlled manner across our markets. Our clients expect modern payment options that fit their lifestyles, and Google Pay delivers exactly that,” Fuller added, explaining the bank’s incremental approach to the regional launch.

CIBC Caribbean’s entry into Google Pay comes as part of a broader regional push by Google to expand its digital payment services across Caribbean nations. Other major local banks have already beat CIBC Caribbean to the launch in multiple markets: Commonwealth Bank Limited rolled out the service to its Bahamian customers in November 2025, and Trinidad-based First Citizens Bank Limited launched its own Google Pay support just one month later, in December 2025.

Prior to CIBC Caribbean’s rollout, the Cayman Islands already had four local banks offering Google Pay to their customers. Across the Dominican Republic, 12 different banks now support the service, with Scotiabank customers in both the Cayman Islands and Dominican Republic already able to link their cards to the platform.

Digital wallet expansion in Jamaica is not limited to Google Pay, either. Rival digital payment service Apple Pay has also been in the works for the Jamaican market. The Bank of Nova Scotia Jamaica Limited first announced plans to launch Apple Pay in late 2024, and during the Scotia Group Jamaica Limited annual general meeting held on March 4 this year, President and CEO Audrey Tugwell Henry confirmed to shareholders that the launch is still on track for late 2026. Sagicor Bank Jamaica Limited CEO Chorvelle Johnson Cunningham also told investors during a May 20 briefing that supporting Apple Pay, tokenisation and other modern digital payment tools is a core short-to-medium term priority for the institution.

Despite the growing momentum from banks to roll out these modern payment options, full adoption across the region still faces a notable barrier: pushback from local merchants. A July 2024 survey by the Jamaica Observer found that while the three major Jamaican banks confirmed their digital wallet systems are secure and had not received high volumes of customer fraud disputes, many local merchants have publicly posted signs refusing to accept digital wallet payments at their businesses, slowing the uptake of the new payment method among consumers.