Onboard Beacon’s two top executives

Durrant Pate/Contributor

General Accident Insurance Company (GENAC) has updated the local 

equities market on its acquisition of Trinidad based insurer, Beacon Insurance Company in November last year.

In furtherance of the acquisition deal, GENAC has issued a big block of its shares to CGH Limited, the previous controlling shareholder of Beacon. CGH has been issued 150,021,478 ordinary shares and 9,700 redeemable preference shares in the capital of GENAC. 

This is in keeping with the executed definitive agreements among GENAC, its parent company, Musson (Jamaica) and CGH for acquiring the Beacon Insurance. Upon completion of the acquisition of Beacon by Musson and GENAC, GENAC will own 70% of Beacon. 

Aspects of GENAC’s acquisition of Beacon remain subject to the receipt of final regulatory approvals from Beacon’s regulators. The addition of Beacon’s business will increase General Accident’s projected gross written premiums to in excess of J$20 billion annually, cementing the combined group as a leading Caribbean general insurance platform.

GENAC appoints Beacon executives 

 Two principals of Beacon have been added to the board of GENAC.

 They are Christian Hadeed and Christopher Woodhams with their appointment taking effect on May 19.

Hadeed has served as a Director of The Beacon Insurance Company Limited since 2009 while Woodhams has served as Chief Executive Officer of The Beacon Insurance since 2022. The Board of GENAC welcomes both Hadeed and Woodhams and looks forward to their contribution.

Beacon Insurance is a leading general insurer headquartered in Trinidad and Tobago, with operations in Trinidad, Barbados, Dominica, Grenada, St. Kitts, St. Lucia and St. Vincent. Founded by Gerald Hadeed, Beacon has built a strong reputation over decades for financial strength, service excellence and deep community roots across its markets. 

The company is led by Chief Executive Officer, Christopher Woodhams and continues to be managed by its experienced executive team.