Gen­er­al Ac­ci­dent In­sur­ance Com­pa­ny Ja­maica Ltd is aim­ing to com­plete its mul­ti-step ac­qui­si­tion of Bea­con In­sur­ance Com­pa­ny Ltd by the fourth quar­ter of 2026, as the planned amal­ga­ma­tion of the Trinidad and To­ba­go in­sur­er with its ex­ist­ing sub­sidiary clears an­oth­er reg­u­la­to­ry hur­dle.

The Cen­tral Bank of Trinidad and To­ba­go has giv­en its non-ob­jec­tion to the pro­posed amal­ga­ma­tion of Bea­con and Gen­er­al Ac­ci­dent In­sur­ance Com­pa­ny (Trinidad and To­ba­go), or GATT, Gen­er­al Ac­ci­dent Ja­maica dis­closed in its sec­ond-quar­ter re­port.

“We ex­pect our mul­ti-step ac­qui­si­tion of Bea­con to be com­plet­ed in the fourth quar­ter of 2026 sub­ject to ad­di­tion­al reg­u­la­to­ry ap­provals,” Gen­er­al Ac­ci­dent Ja­maica re­port­ed.

The amal­ga­ma­tion rep­re­sents one part of the wider trans­ac­tion that will re­sult in Bea­con and GATT be­ing com­bined un­der the Bea­con name.

A Ju­ly 27 no­tice of in­ten­tion to amal­ga­mate pub­lished in T&T shows that Bea­con is cur­rent­ly whol­ly owned by Mus­son (Ja­maica) Ltd, while GATT is ma­jor­i­ty owned by Gen­er­al Ac­ci­dent Ja­maica, which is it­self ma­jor­i­ty con­trolled by Mus­son, whose ma­jor­i­ty share­hold­er is Ja­maican Paul B Scott. He in­di­rect­ly owns a 50.04 per cent stake in Ja­maican man­u­fac­tur­er and dis­trib­u­tor Se­prod through con­nect­ed par­ties. Se­prod owns 80 per cent T&T con­glom­er­ate.

Un­der the pro­posed amal­ga­ma­tion, the ex­ist­ing shares held by Gen­er­al Ac­ci­dent Ja­maica and the oth­er mi­nor­i­ty share­hold­ers in GATT will be con­vert­ed in­to shares of the amal­ga­mat­ed com­pa­ny. Those shares will then be im­me­di­ate­ly re­pur­chased and can­celled by the amal­ga­mat­ed com­pa­ny.

The ex­ist­ing Bea­con shares will al­so be can­celled, with or­di­nary shares in the amal­ga­mat­ed com­pa­ny is­sued to Mus­son. This will leave the com­bined Bea­con en­ti­ty whol­ly owned by Mus­son fol­low­ing the amal­ga­ma­tion.

Ac­cord­ing to an Au­gust 3 let­ter from Bea­con to a pol­i­cy­hold­er, Gen­er­al Ac­ci­dent Ja­maica and Mus­son re­viewed the group’s in­sur­ance op­er­a­tions to im­prove its struc­ture, gov­er­nance and op­er­a­tional ef­fi­cien­cy.

The let­ter said the amal­ga­ma­tion would elim­i­nate du­pli­ca­tion be­tween the two com­pa­nies, which cur­rent­ly have sep­a­rate boards, reg­u­la­to­ry fil­ings, man­age­ment over­sight struc­tures, com­pli­ance frame­works and ad­min­is­tra­tive func­tions.

It said the com­bi­na­tion would al­low for the con­sol­i­da­tion of un­der­writ­ing, claims and pol­i­cy ad­min­is­tra­tion; in­te­gra­tion of tech­nol­o­gy plat­forms and sys­tems; stream­lin­ing of fi­nance, ac­count­ing, com­pli­ance and in­ter­nal au­dit func­tions; and a re­duc­tion in du­plica­tive ad­min­is­tra­tive over­head. There will be no pol­i­cy term changes sole­ly as a re­sult of the amal­ga­ma­tion.

The let­ter said the changes would en­hance cap­i­tal and risk man­age­ment, strength­en the group’s mar­ket po­si­tion and im­prove gov­er­nance and reg­u­la­to­ry ef­fi­cien­cy by op­er­at­ing un­der a uni­fied brand and a sin­gle reg­u­lat­ed en­ti­ty. The in­spec­tion pe­ri­od end­ed on Au­gust 17, while ob­jec­tions to the pro­posed amal­ga­ma­tion must be sub­mit­ted by Sep­tem­ber 15. The Cen­tral Bank would sub­se­quent­ly hold a hear­ing to con­sid­er con­fir­ma­tion of the amal­ga­ma­tion.

Gen­er­al Ac­ci­dent Ja­maica has said that up­on com­ple­tion of the ac­qui­si­tion of Bea­con by Mus­son and Gen­er­al Ac­ci­dent, the Ja­maican in­sur­er will own 70 per cent of Bea­con. As­pects of Gen­er­al Ac­ci­dent’s ac­qui­si­tion re­main sub­ject to fi­nal reg­u­la­to­ry ap­provals.

The ad­di­tion of Bea­con is ex­pect­ed to sig­nif­i­cant­ly ex­pand Gen­er­al Ac­ci­dent’s re­gion­al busi­ness, with the in­sur­er pro­ject­ing that its gross writ­ten pre­mi­ums will in­crease to more than J$20 bil­lion an­nu­al­ly.

Bea­con, which has more than 200 em­ploy­ees, is among T&T’s five largest gen­er­al in­sur­ers. It earned $557.53 mil­lion in rev­enue and $37.75 mil­lion in net prof­it dur­ing 2025.

The in­sur­er was formed in 1972 by Az­iz Hadeed, with CGH Ltd own­ing 50.34 per cent of the firm be­fore Mus­son ac­quired it in Oc­to­ber 2025.

GATT, for­mer­ly Mo­tor One In­sur­ance Com­pa­ny Lim­it­ed, was ac­quired by Gen­er­al Ac­ci­dent Ja­maica in Sep­tem­ber 2019 when the Ja­maican in­sur­er spent J$348.74 mil­lion for a 55 per cent stake. Gen­er­al Ac­ci­dent Ja­maica cur­rent­ly owns 75 per cent of GATT, which had 73 em­ploy­ees at the end of 2025. Stony Hill Cap­i­tal Ltd holds a 12.5 per cent stake, while Michael Cony­ers and Ger­ard Cony­ers own 7.5 per cent and 5.0 per cent, re­spec­tive­ly. The Trinida­di­an in­sur­er re­port­ed $97.74 mil­lion in rev­enue and $431,706 in net prof­it for 2025.

Based on the two com­pa­nies’ 2025 fi­nan­cial re­sults, Bea­con and GATT gen­er­at­ed com­bined rev­enue of $655.27 mil­lion and net prof­it of $38.19 mil­lion, with a com­bined bal­ance sheet of $673.14 mil­lion.

The wider Bea­con ac­qui­si­tion has al­so re­sult­ed in a sig­nif­i­cant change to Gen­er­al Ac­ci­dent Ja­maica’s own­er­ship and cap­i­tal struc­ture.

CGH Ltd, a com­pa­ny owned by Ger­ald and Chris­t­ian Hadeed, was is­sued new or­di­nary shares in Gen­er­al Ac­ci­dent Ja­maica, mak­ing it the in­sur­er’s sec­ond-largest share­hold­er with a 12.70 per cent stake.

CGH re­ceived 150.02 mil­lion or­di­nary shares and 9.70 mil­lion re­deemable pref­er­ence shares in Gen­er­al Ac­ci­dent as con­sid­er­a­tion re­lat­ed to the Bea­con ac­qui­si­tion. The or­di­nary shares were is­sued for a con­sid­er­a­tion of J$1.09 bil­lion, while the pref­er­ence shares were is­sued for a val­ue of J$1.53 bil­lion, amount­ing to a com­bined J$2.61 bil­lion or US$16.50 mil­lion.

The or­di­nary Gen­er­al Ac­ci­dent shares is­sued to CGH were val­ued at J$1.20 bil­lion at the end of Wednes­day. Chris­t­ian Hadeed and Bea­con CEO Christo­pher Wood­hams joined Gen­er­al Ac­ci­dent Ja­maica’s board ef­fec­tive May 19.

Gen­er­al Ac­ci­dent com­ment­ed in its Q2 re­port, not­ing,” As part [of] the Group’s ac­qui­si­tion of Bea­con, dur­ing this quar­ter we is­sued ad­di­tion­al or­di­nary and pref­er­ence shares, fur­ther strength­en­ing our cap­i­tal base as we ad­vance our ob­jec­tive of be­com­ing a lead­ing re­gion­al in­sur­er.”

Gen­er­al Ac­ci­dent Ja­maica is a 69.84 per cent sub­sidiary of Mus­son, which is con­trolled by its chair­man Paul B. Scott, and is among Ja­maica’s four largest gen­er­al in­sur­ers.

The in­sur­er re­port­ed a 14 per cent in­crease in rev­enue to J$7.18 bil­lion for the six months end­ed June 30, dri­ven by growth in Ja­maica, Trinidad and Bar­ba­dos.

Net prof­it im­proved 76 per cent to J$303.40 mil­lion, with J$270.23 mil­lion at­trib­ut­able to share­hold­ers. Gen­er­al Ac­ci­dent Ja­maica end­ed the pe­ri­od with J$26.60 bil­lion in as­sets and J$7.58 bil­lion in eq­ui­ty.