Date: September 17, 2019
General Accident Insurance Company Jamaica Limited (GENAC) has announced the acquisition of a majority stake in Motor One Insurance Company Limited (“Motor One”), a Trinidadian motor insurance company headquartered in Port of Spain with a large branch network throughout Trinidad. GENAC has also advised that under the terms of the agreement, GENAC will acquire a 55% stake in Motor One with the remaining 45% of the shares acquired by Micon Marketing Limited. The transaction has received the approval of the Financial Services Commission in Jamaica and a letter of no objection from the Central Bank of Trinidad and Tobago. Robert Mowser, an experienced Trinidadian insurance executive, has been appointed as Motor One’s Chief Executive Officer.
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