A Jamaica-based general insurance company with an operation in Trinidad is set to enter the Barbadian market following regulatory approval here, the firm said.
General Accident Insurance Company (Barbados) Limited, a subsidiary of General Accident Insurance Company Jamaica Limited, which hold an 80 per cent stake, has been licensed by the Financial Services Commission to operate as a registered Class 2 insurer.
A Barbadian consortium, BCDL Holdings Limited, whose shareholders include current and former executives of Williams Industries and Williams Caribbean Capital, owns the remaining 20 per cent of General Accident Barbados.
The company’s Chairman P.B. 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.
“With the announcement, General Accident will now be present in Jamaica, Trinidad and Barbados. We look forward to combining General Accident’s brand, expertise and financial strength with BCDL’s extensive local relationships in Barbados.”
Sharon Donaldson, General Accident’s Managing Director said: “We will be providing more details about our official launch date and reaching out to brokers, policyholders and other stakeholders shortly.”