Sep 2011 Financial News

General Accident looks to list on the Junior Market

Sep 02, 2011

General Accident Insurance Company Limited (GAICJ) is pleased to announce its intention to list the Junior Market of the Jamaica Stock Exchange. Mayberry Investments Limited (MIL) has been appointed Lead Broker and Selling Agent.

GAICJ is one of the fastest growing and most profitable general insurance companies in Jamaica and has been providing all classes of non-life insurance in Jamaica for over 30 years; directly through its sales force and through its strong relationships with the insurance broker community.

General Accident Insurance Company was formed in 1981 as a joint venture between Musson (Jamaica) Limited and General Accident Fire & Life Assurance Corporation. The latter was once a large United Kindom-based international insurance company that maintained a presence in over 40 countries across the world. In 1991 the company became a wholly-owned subsidiary of Musson (Jamaica) Limited and it retained the General Accident brand and underwriting and management philosophies it was known for in the insurance and reinsurance industries.

GAICJ expects to issue new shares equivalent to 20 per cent of its ordinary share capital and raise J$400 million to J$425 million dollars, which it will use to strengthen its regulatory capital and continue its growth trajectory.

Sharon Donaldson, Managing Director of GAICJ, notes "the listing will enable General Accident to become the only public general insurer in Jamaica and improve its ability to serve all of its stakeholders including: policyholders, brokers, reinsurers, staff and its shareholders."

Since 1985, MIL has been providing investment advisory services to corporate Jamaica. MIL is the leading broker for Jamaica's major equity transactions such as initial public offering (IPOs); takeovers; mergers and acquisitions and delistings.

Gary Peart, CEO of MIL notes that GAICJ is one of Jamaica's oldest and strongest insurance companies and experts that the investing public will take advantage of this new and exciting opportunity. This proposed listing represents the 10th company being brought by MIL to the Junior market since its inception in 2009, and Mayberry continues its strategic focus of partnering with Jamaican businesses to unlock unrealised value.

Paul Scott, Chairman of GAIJC, says "We believe that the Company's key strengths include its reputation, claims service, deep customer relationships, strategic partnerships with key business originators and reinsurers, and its ability to maintain some of the lowest loss and expense ratios of its local industry peers."

"We are proud of our management team and staff complement, whose efforts have caused the Company to be recognised as one of the most profitable general insurers in Jamaica based on independent data published by the Insurance Association of Jamaica."


Source:
Jamaica Observer
Friday September 2, 2011

http://www.jamaicaobserver.com/business/General-Accident-looks-to-list-on-the-Junior-Market_9588918#ixzz1X5flPWlr