General Accident Insurance Company has completed its expensive reorganisation and rebranding of its Caribbean subsidiaries in Barbados and Trinidad.
The company incurred heavy start-up cost for its Barbados subsidiary, which was launched last year. The expensive start-up cost was expected and provisions budgeted to meet these expenses.
The Jamaica-based insurance company expects that its Barbados subsidiary will be profitable in 2021.
Regarding its Trinidad subsidiary, unfortunately, the business did not receive approval to rebrand and to write property business until late in the December quarter.
Company Chairman PB Scott and Chief Executive Officer (CEO) Sharon Donaldson expects that the rebranding of the business and the introduction of classes of business that align to the parent company’s traditional strengths will drive improved results for the Trinidad subsidiary in 2021.
As the reorganisation of its foreign subsidiaries is now fully completed, General Accident expects that overhead costs will stabilise in 2021. As the group continues to grow in size, the expectation is to achieve the scale and resilience projected by its business model.
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