Hadeed Family Becomes Second-Largest Shareholder in Jamaica's GENAC Insurance

The Hadeed family has emerged as the second-largest shareholder in General Accident Insurance Company Jamaica Limited (GENAC) following the acquisition of shares from the Trinidadian-based Beacon Insurance Company Limited. CGH Limited, a company with significant ownership by Christian Hadeed (33.4%) and Gerald Hadeed (66.6%), was allocated 150,021,478 new GENAC ordinary shares and 9,700 new GENAC redeemable preference shares.

These shares were issued as consideration for the acquisition of Beacon Insurance by Musson (Jamaica) Limited on October 31. Consequently, CGH now controls 12.70% of GENAC’s issued ordinary shares. Musson's stake in GENAC has adjusted from 80% to 69.84%. Christian Hadeed and Beacon CEO Christopher Woodhams were appointed as GENAC directors on May 19.

GENAC is slated to acquire Beacon Insurance from its parent company, Musson, at a later date. GENAC will own 70% of Beacon upon completion, with Musson retaining a 30% stake. The acquisition is subject to final regulatory approvals from Beacon's regulators. The Companies Office of Jamaica records indicate the ordinary shares issued to CGH are valued at approximately $948.14 million, and the preference shares are worth US$9.7 million (approximately $1.51 billion).

GENAC's stock experienced a notable surge, increasing by 14% on Tuesday to $9.15 per share. This performance has contributed to a 48% rise in its share price for 2026, with the company's market capitalization reaching $9.44 billion. The full impact of the new ordinary shares issued to CGH on GENAC's total issued share count is pending conversion to stock units on the Jamaica Stock Exchange (JSE).