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General Accident gets approval for Barbados expansion

General Accident Insurance Company has received authorisation to operate in Barbados.

General Accident received permission to operate in Barbados as a Class 2 insurer.
(Photo: General Accident)

The Financial Services Commission of Barbados granted the Jamaican company a licence to operate as a registered Class 2 insurer on April 16.

The general insurance company will operate in its newest market as General Accident Barbados, a subsidiary of the General Accident Insurance Company Jamaica.

“Soon General Accident Barbados will provide the Barbadian general insurance market with innovative products and unparalleled service.”

– General Accident’s Managing Director, Sharon Donaldson

The Jamaican parent company will hold 80 per cent of General Accident Barbados’ while a Barbadian consortium BCDL Holdings Limited will own the other 20 per cent, according to a notice shared with the Jamaica Stock Exchange (JSE).

The expansion brings the number of countries that General Accident operates in to three, including Jamaica and Trinidad.

Regarding the move, General Accident chairman, PB Scott, said “The decision to enter the Barbados market reflects the long-term confidence we have in the economy and people of Barbados. It is also consistent with our strategy of expanding General Accident’s reach across the English-speaking Caribbean.”

General Accident’s expansion will now see it operating in three Caribbean territories; Jamaica, Trinidad and Tobago and Barbados. (Photo: General Accident)

Scott continued “We look forward to combining General Accident’s brand, expertise and financial strength with BCDL’s extensive local relationships in Barbados.”

For her part, General Accident’s Managing Director, Sharon Donaldson, said, “Soon General Accident Barbados will provide the Barbadian general insurance market with innovative products and unparalleled service. We will be providing more details about our official launch date and reaching out to brokers, policyholders and other stakeholders shortly.”

General Accident Insurance Company Jamaica, which listed on the JSE, last year acquired a majority stake in Trinidad and Tobago’s Motor One Insurance Company Limited which has more than 20,000 direct motor insurance policies and a large branch network in the country.

General Accident amassed gross written premiums of J$10.6 billion and net profits of J$421.7 million for the period January to December 2019, representing the largest earnings and profits in the company’s history.

Its financial statements for 2019 General Accident ended the year with a book value of J$2.41 billion and annualised return on average equity for shareholders at 19 per cent.