General Accident Jamaica acquires Trinidadian insurance company
Sharon Donaldson, General Accident’s Managing Director.
General Accident Insurance Company Jamaica has acquired majority stake in Motor One Insurance Company Limited, a Trinidadian motor insurance company headquartered in Port of Spain.
Under the terms of the agreement, General Accident has acquired a 55 per cent stake in Motor One with the remaining 45 per cent of the shares acquired by Micon Marketing Limited, a Trinidadian distribution company of food, household and personal care products.
Both General Accident is a subsidary of the Musson Group of Companies (Jamaica).
“This acquisition is an important first step in our wider regional growth strategy which we believe will increase our economies of scale, spread our risk and significantly enhance shareholder value," General Accident said in a release.
Chairman of General Accident P.B Scott
“Entering the Trinidad market has long been an objective for General Accident. We look forward to working with our executive team and the local brokerage community to give Trinidadian consumers exceptional service and coverage.” Chairman of General Accident and chairman of the Musson Group, Paul B Scott said.
The acquisition of Motor One will allow General Accident to continue the growth of its motor insurance business and to enter the Trinidadian market, its first market outside of Jamaica.
The Trinidadian insurance market is over 40 per cent larger than the general insurance market in Jamaica, according to statistics provided by the Insurance Association of Jamaica (IAJ) and the Association of Trinidad and Tobago Insurance Companies (ATTIC).
General Accident is considered a market leader in general insurance in Jamaica. In addition to being a major property insurer, the insurance company recently increased its presence in the Jamaican motor insurance market through the General Accident brand and Autosmart, a sub-brand dedicated exclusively to motor insurance.
“General Accident has strong brands, an outstanding team of professionals and the support of the world’s leading reinsurers. We are excited to work with our talented local management team to operate in the Trinidadian market,” said Sharon Donaldson, General Accident’s Managing Director.