KINGSTON, Jamaica— The Hadeed family have become the second-largest shareholder in General Accident Insurance Company Jamaica Limited (GENAC) following the sale of Trinidadian-based Beacon Insurance Company Limited.

In a release published on May 28, it was revealed that CGH Limited 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 general insurer Beacon, which was acquired by Musson (Jamaica) Limited on October 31.

This means that CGH now owns 12.70 per cent of Genac’s issued ordinary shares while Musson’s stake has moved from 80 per cent to 69.84 per cent. CGH Limited is 33.4 per cent owned by Christian Hadeed and 66.6 per cent owned by Gerald Hadeed. Christian Hadeed and Beacon CEO Christopher Woodhams were also appointed GENAC directors on May 19.