Now controls 75% of share equity

Jamaica-based regional insurance company, General Accident Insurance Company (GENAC) has increased its stake in its Trinidad and Tobago (T&T) subsidiary.

GENAC has disclosed that it now controls 75 per cent share equity in GENAC T&T, coming from 55 per cent. The deal was consummated on December 31 last year.

No details were provided about the deal. However, Our Today understands that the additional 20 per cent equity was acquired from GENAC’s partner in its T&T’s subsidiary, Micon Marketing Limited, whose shareholding has now been reduced to 25 per cent.

GENAC acquired a majority stake in Motor One Insurance Company, a Trinidadian motor insurance company headquartered in Port of Spain in 2019. In that deal, the Jamaican insurance company acquired a 55 per cent stake in Motor One with the remaining 45 per cent of the shares acquired by Micon Marketing.

The acquisition of Motor One has allowed GENAC, considered a market leader in general insurance in Jamaica, to continue the growth of its motor insurance business and to enter the Trinidadian market, its first market outside of Jamaica.