More annual reports from Generac Holdings Inc:
2023 ReportGeneral Accident resides at the intersection of intelligent risk protection and utmost good faith. We offer products that help a wide range of customers to manage their risks and exposures About Us Our Purpose General Accident has a clear and simple purpose – to make available an affordable risk transfer mechanism through a wide range of insurance products designed to transfer the risk to our shoulders enabling businesses to strive and economies prosper. We believe this financial protection will ultimately help families to realize their ambitions and fulfill their hopes and aspirations. We believe that this is the best long-term growth path. Our defined purpose and our operational efficiencies will help us to keep our promise to all our stakeholders and realize our vision of accelerating growth. We aim to be a profitable choice by putting the needs of customers at the forefront of our daily tasks. How We Measure Our Performance We track our progress by using a variety of financial and non-financial key performance indicators. In 2016, we implemented a dedicated function in the form of a Business Intelligence Unit so we can better respond to the changing regulatory and operating environment. As one of the leading providers of risk transfer solutions we have implemented best practices in our everyday activities. Our Annual Report is presented in two (2) parts: 1. Our Strategic Report Our Strategic Report provides details about us, our business model and how we create value for our stakeholders. It also includes market and key performance indicators as well as our approach to sustainable risk management. 2. Goverance and Financial Report The Corporate Goverance and Financial Report contains corporate goverance information, committee reports, risk mitigation procedures plus our Audited Financial Statements and Notes. Our Location We are headquartered at 58 Half-Way Tree Road, Kingston, Jamaica. However, we service clients island- wide through an extensive network of insurance Brokers and Agents. Online Information Additional information about us may be found online at www.genac.com. Our full Financial Report and Annual Report may be viewed on our website. Table of Contents 6 7 8 10 11 12 14 15 16 17 19 20 23 24 26 31 38 43 44 45 47 We are a Great Force Who We Are Financial Highlights We Create Value For Our Shareholders Key Performance Indicators 10-Year Financial Statistics Chairman’s Report Notice of The Annual General Meeting Director’s Report Our Strategic Priorities Business Model Management Discussion and Analysis Corporate Social Responsibility Corporate Governance The Board of Directors Management Team Our Team Members Risk Management Company Profile Disclosure of Shareholdings Financial Statement Proxy Form We Are A Great Force We Are A Great Force We Are A Great Force Who We Are 6 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 Who We Are General Accident is a leading general insurer in Jamaica. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 7 7 Financial Highlights Financial Highlights FINANCIAL HIGHLIGHTS CONT’D 8 8 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 FINANCIAL HIGHLIGHTS CONT’D FINANCIAL HIGHLIGHTS CONT’D General Accident offers a wide range of product lines to meet the evolving needs of our customers. We offer a suite of commercial solutions to help business owners protect their legacies. We help individuals and their families protect what matters to them the most. We provide an opportunity for professionals to protect their integrity and status. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 9 99 9 We Create Value For Our Shareholders Key Performance Indicators 10 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 Key Performance Indicators General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 11 10-Year Financial Statistics 10-Year Financial Statistics 12 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 13 Chairman’s Report Chairman’s Report Notice of the Annual Notice of the Annual General Meeting General Meeting will deliver improved returns to shareholders. The plan includes reorganising General Accident to focus separately on our Motor and Property & Casualty businesses which we see as fundamentally distinct operations, each requiring vastly different talent, processes and cultures. We are already a leader in the commercial property market. Last year, we launched the AutoSmart brand to focus on Public Passenger Vehicle (PPV) and other specific segments of the motor market. We intend to place an even greater emphasis on building a large, high quality motor business. Across the entire organisation we are aggressively recruiting new talent, revisiting all of our business processes, deploying technology and raising the visibility of our brands. OUTLOOK We are confident that our strategy and our management team will deliver improved results in 2018. In addition, there are early signs that the operating environment is finally improving. Premium rates on commercial property in Jamaica are increasing for the first time in many years due to the large losses the industry experienced last year from Hurricane Harvey and Hurricane Irma. If this trend continues, the impact of our strategy will be further enhanced by increased premiums, commissions and underwriting profits on our large portfolio of commercial property risks. As always, I would like to express my gratitude to our policyholders, brokers, reinsurers and team for their continued support. On behalf of the Board of Directors, Paul B. Scott Chairman General Accident had a disappointing year in 2017, making its first underwriting loss in recent years and producing our lowest returns on shareholders’ equity as a public company. PERFORMANCE Despite historically low premium, for the first time in our history General Accident’s annual claims topped $1 billion and we failed to produce an underwriting profit for the first time in the past 9 years. Partly due to sale of our remaining equities portfolio, we produced another year of strong investment income. Overall we returned 11% on average shareholders’ equity. STRATEGY We have now completed an extensive process to align the entire organisation around a new strategy which we believe Paul B. Scott Chairman 14 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 will deliver improved returns to shareholders. The plan includes reorganising General Accident to focus separately on our Motor and Property & Casualty businesses which we see as fundamentally distinct operations, each requiring vastly different talent, processes and cultures. We are already a leader in the commercial property market. Last year, we launched the AutoSmart brand to focus on Public Passenger Vehicle (PPV) and other specific segments of the motor market. We intend to place an even greater emphasis on building a large, high quality motor business. Across the entire organisation we are aggressively recruiting new talent, revisiting all of our business processes, deploying technology and raising the visibility of our brands. OUTLOOK We are confident that our strategy and our management team will deliver improved results in 2018. In addition, there are early signs that the operating environment is finally improving. Premium rates on commercial property in Jamaica are increasing for the first time in many years due to the large losses the industry experienced last year from Hurricane Harvey and Hurricane Irma. If this trend continues, the impact of our strategy will be further enhanced by increased premiums, commissions and underwriting profits on our large portfolio of commercial property risks. As always, I would like to express my gratitude to our policyholders, brokers, reinsurers and team for their continued support. On behalf of the Board of Directors, Paul B. Scott Chairman Notice of the Annual Notice of the Annual General Meeting General Meeting General Accident Insurance Company (Jamaica) Limited NOTICE IS HEREBY GIVEN THAT the annual General Meeting of General Accident Insurance Company (Jamaica) Limited (the “Company”) will be held at 10:00 am on June 1, 2018 at 58 Half Way Tree Road, Kingston 10, for shareholders to consider and, if thought fit, to pass the following resolutions: ORDINARY RESOLUTIONS 1. To receive the report of the Board of Directors and the Audited Accounts of the Company for the financial year ended December 31, 2017. 2. To authorize the Board of Directors to reappoint PricewaterhouseCoopers as the auditors of the Company and to fix their remuneration. 3. To re-appoint the following Directors of the Board who have resigned by rotation in accordance with The Article of Incorporation of the Company and, being eligible, have consented to act on reappointment: (a) To reappoint Geoffrey Messado Director of the Board of the Company. (b) To reappoint Duncan Stewart Director of the Board of the Company. (c) To reappoint Matthew Lyn Director of the Board of the Company. 4. To authorize the Board of Directors to fix the remuneration of the Directors. 5. To approve the aggregate amount of interim dividends declared by the Board during the financial year ended December 31, 2017 being 200 million dollars or 19.34 cents per ordinary share, as the final dividend for that year. Dated this the 30th day of April, 2018 by Order of the Board General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 15 Directors’ Report Directors’ Report Our Strategic Priorities The Directors are pleased to present their report for General Accident Insurance Company (Jamaica) Limited for the financial year ended December 31, 2017. FINANCIAL RESULTS The Statement of Comprehensive Income for the Company shows pre-tax profits for the year of $236.1 Million, Taxation of $14.8 Million, and a net profit after tax of $221.3 Million. Details of these results, along with a comparison with the previous year’s performance and the state of affairs of the company are set out in the management Discussion and Analysis and the Financial Statements which are included as part of this Annual Report. DIRECTORS The Directors of the company as at December 31, 2017 were P.B. Scott, Melanie Subratie, Sharon Donaldson, Geoffrey Messado, Dr. Nigel Clarke, Christopher Nakash, Jennifer Scott, Nicholas Scott, Duncan Stewart, Matthew Lyn and Brian Jardim. The Directors to retire by rotation in accordance with the Article of Incorporation are: Duncan Stewart, Geoffrey Messado and Matthew Lyn but being eligible, will offer themselves for reelection. Non-returning Directors are Dr. Ralph Thompson and Dr. Nigel Clarke. AUDITORS The auditors of the company, PricewaterhouseCoopers of Scotiabank Centre, Duke Street, Kingston, Jamaica have expressed their willingness to continue in office. The Directors recommend their reappointment. DIVIDEND A dividend of 19.34 cents per share paid on July 28,2017, is proposed to be the final dividend in respect of the financial year ended December 31, 2017. 16 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 The Directors are pleased to present their report for General Accident Insurance Company (Jamaica) Limited for the financial year ended December 31, 2017. FINANCIAL RESULTS The Statement of Comprehensive Income for the Company shows pre-tax profits for the year of $236.1 Million, Taxation of $14.8 Million, and a net profit after tax of $221.3 Million. Details of these results, along with a comparison with the previous year’s performance and the state of affairs of the company are set out in the management Discussion and Analysis and the Financial Statements which are included as part of this Annual Report. The Directors of the company as at December 31, 2017 were P.B. Scott, Melanie Subratie, Sharon Donaldson, Geoffrey Messado, Dr. Nigel Clarke, Christopher Nakash, Jennifer Scott, Nicholas Scott, Duncan Stewart, Matthew Lyn and Brian Jardim. The Directors to retire by rotation in accordance with the Article of Incorporation are: Duncan Stewart, Geoffrey Messado and Matthew Lyn but being eligible, will offer themselves for reelection. Non-returning Directors are Dr. Ralph Thompson and Dr. Nigel Clarke. The auditors of the company, PricewaterhouseCoopers of Scotiabank Centre, Duke Street, Kingston, Jamaica have expressed their willingness to continue in office. The Directors recommend their reappointment. DIRECTORS AUDITORS DIVIDEND A dividend of 19.34 cents per share paid on July 28,2017, is proposed to be the final dividend in respect of the financial year ended December 31, 2017. Our Strategic Priorities VALUE CREATION AND LONGTERM SUSTAINABILITY Our strategy drives how we conduct our business. We create value by using extensive risk knowledge and disciplined underwriting techniques to ensure that risks from private and business life are manageable for our customers and us. MANAGING OUR BUSINESS FOR VALUE Sound Investment Position Our investment policy is geared towards proper asset liability needs and robust capital management that supports our business model as we strive to maintain good governance and establish best practice benchmarks. Our investment decisions are influenced by cash flow imperatives, currencies and the inflation sensitivity of our underwriting liabilities. We try at all times to ensure that our investment portfolio meets regulatory benchmarks, applying a knowledge based approach to our investment strategy of targeting the optimal mix of investment assets and adequate returns. Wide Distribution Channel We write business directly and through an extensive broker network. Our distribution partners are essential to our business model and our brokers are strategic drivers. Our broker partnerships provide a convenient mechanism for our customers to do business with us. Accessible Claims Service We strive to make our claims service meet our customers’ expectations, because we see a claim as an opportunity to confirm our insurer’s trust and not just a financial obligation. We want to make sure that we give our brokers and insureds the kind of service they would like by being collaborative and technically sound and making our processes simple and effective. At the heart of our claims strategy is a culture that focuses on fairness, an interactive process and speed of turnaround time. We accept that one size does not fit all and the unit is so structured to ensure that the appropriate resources are available for different types of claims. Robust Risk Management Our business is subject to risks and uncertainties. We rely on our risk management framework to ensure that our risk profile remains aligned with our strategic objectives. Regulatory capital adequacy is central to our continuity and our risk strategies are designed to ensure that we adhere to the risk tolerance limits outlined in our framework. For us risk management is an ongoing process that drives a culture from top management, while our exposure is mitigated through traditional reinsurance, a good spread of risks, and multi-layered controls. Our risk management practice is sufficiently robust for us to identify, assess and control threats to the company’s capital and earnings BUILDING SUPPORTING CAPABILITIES Our Staff The efforts of our staff are crucial to our success and we take seriously our promise to deliver the best possible operational performance. Our staff is the one of our important resources together with our financial capital. It is essential that we find the right people, retain them and keep them engaged and motivated while we instill a culture of excellence and opportunity. Training and development are crucial to us and we strive to create a working environment that promotes equality for all staff. We create value for our employees by investing in their capabilities and expertise, so each may fulfill his or her potential. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 17 MANAGEMENT ANALYSIS & DISCUSSION CONT’D OUR STRATEGIC PRIORITIES CONT’D Business Model IT Platform Technology is central to every part of our business. Simply put, it is a core competitive advantage that drives long-term value in several ways — namely, through enhancing our clients’ experience, driving efficiency and creating new opportunities. At the same time, we are providing our products and expertise to customers where they need us. Customers can communicate with us through the channels that work best for them, whether online, in person, or on the phone. We ensure that our customers get the same high-quality service no matter how they approach us. Technology is also allowing us to become more cost-effective and efficient. We are investing in technology to ensure we have the best and most secure systems in place for claims, payments and renewals. We continue to invest in product and underwriting capability by using technology and data analytics to support us in reaching our goals. This approach will help to meet the complex and changing risk management needs of current and future customers. GROW OUR OPERATIONAL EARNINGS Profitable Growth We believe that the profitable growth should be responsible growth. This approach guides our path and determines our strategic road map. Our business model begins with our customers’ needs, which informs our policy innovation - often times in collaboration with our business partners. Our growth initiatives remain: • Growth in value priced product lines and dividend. • Adherence to best practices standards. We remain committed to best practices that drive a conservative risk profile based on our core philosophy of maintaining balance sheet strength, liquidity and capital adequacy. • Consistent improvements in operational efficiencies as we aim to deliver service that exceeds our clients and our business partners’ expectations through a cost-effective platform. MAINTAIN CORPORATE RESPONSIBILITY Our reputation is a long-term asset that we zealously guard. We seek to protect this asset by constantly striving to build a sustainable entity that balances its own interest with those we serve. We are aware that good corporate governance promotes and supports integrity and ethical conduct, and so we are particularly attentive to the practice of sound corporate governance principles. The company is governed by a board of directors that provides oversight on a consistent basis. 18 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 Although the business model remains fundamentally customer centric, the emergence of the new models that focus on a digital customer centric journey, that makes it easier to do business, is now a critical factor for our business model. This has pushed us to remodel our clients’ interactions with an enhanced digitization that demands new distribution channels. We aim to deploy as far as possible, bearing Business Model Although the business model remains fundamentally customer centric, the emergence of the new models that focus on a digital customer centric journey, that makes it easier to do business, is now a critical factor for our business model. This has pushed us to remodel our clients’ interactions with an enhanced digitization that demands new distribution channels. We aim to deploy as far as possible, bearing in mind regulatory limitations, technology based insurance solutions in the long term. Our ambition is to be the best general insurer as measured by our customers, employees, investors and the communities in which we live and work. Our business model is founded on the values of all our stakeholders. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 19 Management Discussion Management Discussion Management Discussion & Analysis MANAGEMENT ANALYSIS & DISCUSSION CONT’D “ We continue to enjoy investors’ confidence as the company’s market capitalisation improved over prior year to $2.89 billion, an increase of 3% up from $2.78 billion. “ FINANCIAL HIGHLIGHTS Net premium earned totalled $1.3 Billion compared to $1.1 Billion for the prior period. All major product lines grew over prior year delivering average year on year growth of 26 %. PREMIUM INCOME Sharon Donaldson Managing Director FINANCIAL PERFORMANCE Profitability In 2017 General Accident delivered a profit before tax of $236 million, 42% lower than in 2016. Despite a dogged adherence to our policy of disciplined underwriting and robust claims processing, market conditions and motor losses volatility produced a below budget profit performance for 2017 and after several years of positive technical results, the steep decline in property rates and a deteriorating claims experience took a toll on our technical results and the company produced an underwriting loss of $35.5 million, the first in recent years. PREMIUM INCOME Our total revenue increased by $1.5 billion year on year to $7.1 billion (prior year – ($5.6 billion). In mid-2016, we entered a new segment of the Motor Market through our AutoSmart brand and for 2017, a large part of the increased revenue came from this new business segment due to strong sales and renewed relationships. 20 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 CONT’D MANAGEMENT ANALYSIS & DISCUSSION CONT’D MANAGEMENT ANALYSIS & DISCUSSION CONT’D UNDERWRITING RESULTS The net underwriting results decreased by $81.1 million to a loss of $35.5 million. The underwriting result decrease was driven by an increase in claims cost mainly from the motor line of business. A further uptick in claims severity for third party claims also aggravated our loss development. The combination of increased severity and frequency produced a deteriorating loss ratio of 82%. A 16 percentage point above prior year of 66%. As a consequence, our combined ratio deteriorated by 7 percentage points to 103% compared to 96% for the prior year. Our administrative expense ratio remained broadly flat with an increase in commission expense partly offsetting lower underwriting expenses. Despite a year of poor technical results, the company produced a Profit After Tax (PAT) of $221 million. Our commitment to creating long term value to our shareholders and our clients remain unchanged. INVESTMENT INCOME In contrast to the technical side of our business, our investment portfolio continues to produce excellent returns and for the period under review, investment and other income amounted to $328.4 million compared to prior year of $326.7 million. We are pleased that we are able to produce a Return On Investment (ROI) of 11% and continued to be responsible in our investment choices. During the year, although invested assets fell by 2% from $2.56 billion to $2.50 billion the portfolio generated total recognised gains of $394.0 million (including foreign currency losses) with $105.0 million reported in other comprehensive income. FINANCIAL STRENGTH We continue to enjoy investor confidence as the company’s market capitalisation improved over prior year to $2.89 billion, an increase of 4% up from $2.78 billion. General Accident is well capitalised with an equity book value of $1.94 billion which remains fairly flat despite the negative headwinds of 2017. Total assets of $5.7 billion increased by 16% up from $4.9 billion. Cash and cash equivalent were $0.98 billion compared to $1.08 billion in 2017. CAPITAL MANAGEMENT The company manages its capital to maximise long term shareholders value while maintaining financial strength. We aim to meet regulatory and solvency ratio at all times. Our policy is to allocate capital to investment opportunities earning the highest risk adjusted returns as we seek to maintain a balance between higher returns and the security of a sound capital position. We are pleased to report that we consistently met the regulatory capital and liquidity requirements for 2017. At our reporting date the MCT ratio was 258% and our liquidity rate was 111%. LOOKING AHEAD Although the economic environment is challenging, and interest rates are expected to remain low we are convinced that the strategy we set out for 2018 is the correct one and we are committed to delivering on our strategic objectives. We have strengthened our operating capacity. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 21 CONT’D MANAGEMENT ANALYSIS & DISCUSSION CONT’D CONT’D MANAGEMENT ANALYSIS & DISCUSSION CONT’D We expect prices to increase in the wake of a year of heavy catastrophe losses, such as 2017. We have already seen small increases in late 2017 and we expect this to continue on a much steeper path in 2018. We believe that our investment in technological innovation will produce the desired improvement in operational efficiencies and enhanced customer experience. We continue to invest in our people, as we believe that our staff play a key role in us being the insurer of choice. We are committed to promoting a working environment where our staff can be the best they can and in turn deliver our strategy. We are fully committed to attracting and retaining talent. I am grateful to all our employees for their contribution, ideas and hard work. During the latter part of 2017 we made significant changes with regards to our governance structure, simplified some of our internal processes, streamlined our reporting and implemented a new management structure, including senior appointments that will help to drive our transformation. Our renewed focus for 2018 is on using our skills, knowledge and experience to ensure we continue to meet the needs of our customer and deliver the best possible experience. We look ahead with great confidence and enthusiasm as we believe that we have the right approach, culture and mindset to compete in this new exciting digitized customer centric market place. During 2017, after 23 years as a Senior member of our management team, Maureen Hall retired. I would like to thank her for her great dedication and invaluable contribution including the strategic advice she made available over the years. Our operational efficiency is in the main due to her relentless commitment to excellence. I would personally like to extend sincere thanks to the Board of Directors for providing insight, guidance and support to the management and staff. To the hardworking staff members my heartfelt gratitude and appreciation to you for your consistent commitment to the continued success of the company. To our brokers, thank you for your continued support and involvement. You all form a part of the dynamic GA team and it is truly my pleasure to be a part of the leadership moving into this new phase in our history. Sharon Donaldson Managing Director 22 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 Corporate Social Responsibility Sigma 5k Run General Accident employees to practice environmentally friendly behaviours in the workplace, at home, and in their communities. Insurance also encourages our SPORTS As we operate in the country of some of the world’s greatest athletes, we cannot help but be involved in supporting the development of sports by providing sponsorship to various sporting activities. Recognising that as we team together we achieve more, on an annual basis our staff is involved in activities sponsored by other organisations. With our support they have actively participated in the Sigma Run, Relay for Life and the annual Gibson Relays. Corporate Social Responsibility remains committed Insurance General Accident to improving the quality of life in our communities, empowering people to achieve better lives, and investing in sustainable business practices. Through charitable contributions to non-profit organisations, we help people improve their lives and contribute to strong, vibrant communities. We encourage our employees to share their time and talents with the communities in which they live and work and ensure that we do business in an ethical and responsible manner. We are proud of the work being done by our employees to give back to our communities and strive to provide them the encouragement and resources needed to support a diverse range of initiatives. ENVIRONMENT In every aspect of our business, General Accident Insurance works to ensure that we meet the long-term needs of our policyholders, shareholders, employees and communities. This commitment to create a brighter future inspires us to set strategies and goals that are focused on the long-term. We strive to reduce our negative impact on the environment and all our actions are focused on ensuring the ongoing health of our organisation and community, so that we can deliver on all our promises. It is for this reason we endorse and continue to provide the Jamaica Environment Trust with the support necessary for them to operate effectively. Sigma 5k Run Donation to Walkers Place of Safety Sigma 5k Run General Accident Insurance also encourages our employees to practice environmentally friendly behaviours in the workplace, at home, and in their communities. SPORTS As we operate in the country of some of the world’s greatest athletes, we cannot help but be involved in supporting the development of sports by providing sponsorship to various sporting activities. Recognising that as we team together we achieve more, on an annual basis our staff is involved in activities sponsored by other organisations. With our support they have actively participated in the Sigma Run, Relay for Life and the annual Gibson Relays. COMMUNITY DEVELOPMENT We believe that our youth have the power to become agents of change within their schools, their communities and in their own lives. In this vein, General Accident supports programmes like the National Youth Service Summer programme that develop and empower our young people. We are committed to creating a workplace and culture in which our employees are encouraged and supported to work for a brighter future for themselves, for our customers and for our communities. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 23 Corporate Governance CORPORATE GOVERNANCE CONT’D THE AUDIT COMMITTEE The Audit Committee Comprises of three (3) non-executive directors and one (1) executive director. The committee has responsibility for the oversight and advice to the Board on all matters relating to financial reporting, internal controls and approval of financial reports to be circulated to all regulatory bodies. The Audit Committee meets at least five (5) times for the year. INVESTMENT AND LOAN COMMITTEE The Investment and Loan Committee comprises of (3) non-executive directors and one (1) executive director. The Committee has the responsibility to drive the that all company’s compliance requirements are met, inter alia, liquidity, quality and term of investments. investment strategy ensuring The committee meets at least four (4) times for the year. BOARD MEETING AND COMMITTEE MEETING We are pleased to report that our Board and Committee meetings are supported by all members and meetings are well attended. Face to face committee meetings are held at least four (4) times each year and more often if warranted. The company remains committed to high standards of corporate governance and while it is not bound by the evolving corporate governance practice code of Jamaica, it seeks to comply voluntarily with key aspects of best practices. Our corporate governance principles are incorporated in our corporate governance policies - reviewed annually to ensure continuing relevance and appropriateness. Our Board and executive committees are truly diverse with regards to tenure, gender, professional background and experience. Our Board selects nominees based on their diverse skill and experience that will contribute to the overall oversight of the company. During the year Brian Jardim was added as a new member. Mr. Jardim brings a wide ranging experience, skill and knowledge to the Board. The Board has overall responsibility for the management of the company and the strategic aspect of the company’s business. The Board comprises of eleven (11) members: a non-executive Chairman, seven (7) non-executive directors and three (3) executive directors. The Board generally meets five (5) times a year. THE COMPENSATION COMMITTEE The Compensation Committee is responsible for overseeing the decisions on the remuneration package and to ensure that it promotes a high performance culture that is aligned with our risk management principles. THE CONDUCT REVIEW COMMITTEE The Conduct Review Committee comprises of three directors. The committee has responsibility for oversight of and advice to the Board on policies and procedures to ensure that the company conducts its affairs responsibly and in keeping with our values and the broad requirements of the Regulators. The committee meets at least three (3) times a year. 24 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 CORPORATE GOVERNANCE CONT’D CORPORATE GOVERNANCE STRUCTURE THE AUDIT COMMITTEE The Audit Committee Comprises of three (3) non-executive directors and one (1) executive director. The committee has responsibility for the oversight and advice to the Board on all matters relating to financial reporting, internal controls and approval of financial reports to be circulated to all regulatory bodies. The Audit Committee meets at least five (5) times for the year. INVESTMENT AND LOAN COMMITTEE The Investment and Loan Committee comprises of (3) non-executive directors and one (1) executive director. The Committee has the responsibility to drive the that all compliance requirements are met, inter alia, liquidity, investment strategy ensuring company’s quality and term of investments. The committee meets at least four (4) times for the year. BOARD MEETING AND COMMITTEE MEETING We are pleased to report that our Board and Committee meetings are supported by all members and meetings are well attended. Face to face committee meetings are held at least four (4) times each year and more often if warranted. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 25 The Board of Directors The Board of Directors The Board of Directors MANAGEMENT ANALYSIS & DISCUSSION CONT’D THE BOARD OF DIRECTORS CONT’D Paul B. Scott (appointed November 1998) Chairman P.B. Scott is the Chairman and Chief Executive Officer of Musson Group and its principal shareholder. He also serves as Chairman of General Accident and Musson’s subsidiaries and affiliates including Facey Group Ltd, T. Geddes Grant (Distributors) Ltd., Seprod, Eppley Ltd. and PBS Group Ltd. Mr. Scott also serves as a director of several other companies and organisations, including the Development Bank of Jamaica (DBJ). He is a member of Electricity Sector Enterprise Team (ESET), Economic Programme Oversight Committee (EPOC) and director of American International School of Kingston (AISK). He is currently the Honorary Consul General in Jamaica for the Republic of Guatemala. He is a keen sailor and is married to Jennifer an Attorney at Law. Together they have two children. He served as the President of the Private Sector of Jamaica from August 2016 to November 2017. Melanie Subratie is the Deputy Chairman of the Company. She is an honours graduate of the London School of Economics, and is currently the chairman of Transaction Epins Limited, Productive Business Solutions (Jamaica) Limited, Musson Foundation and Seprod Foundation. She is the Vice Chairman of Musson (Jamaica) Limited. She serves on all the boards of the subsidiaries of the Musson Group. Mrs. Subratie returned to Jamaica over ten years ago, after working the Financial Services Division of Deloitte & Touche, U.K. She also worked for startup political news service DeHavilland. Melanie Subratie (appointed March 2002) Deputy Chairman 26 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 MANAGEMENT ANALYSIS & DISCUSSION CONT’D THE BOARD OF DIRECTORS CONT’D Sharon Donaldson is the Managing Director of the Company. She has been responsible for driving its recent growth and for overseeing its prudent underwriting and risk management strategy. Ms. Donaldson has been with the Company for over 20 years, first joining as the Financial Controller in 1989 before becoming Managing Director in 2001. In addition to her responsibilities at the Company, Ms. Donaldson is a Director of Musson (Jamaica) Limited. Ms. Donaldson holds an LLB from the University of London, England, and M.B.A from University of Wales. She is a Chartered Accountant, a member of the Institute of Chartered Accounts of Jamaica and an Attorney at Law. Geoffrey Messado is a non-executive Director of the Company and is Chairman of the Audit Committee of the Board. Mr. Messado is also the Company Secretary of the Musson Group, and he serves as a director of certain subsidiaries and affiliated companies. He also serves as Chairman of Mapco Printers Limited and Devon House Development and as a director of Edgechem (Jamaica) Limited, Spirits Pool Association, KRB Lea Jamaica Rums Limited , Ciboney Group Limited and the Jamaica Agricultural Development Foundation. Mr. Messado is a Chartered Accountant, FCA, FCAA, ATII and a Justice of the Peace for St. Andrew. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 27 Sharon Donaldson (appointed March 2008) Managing Director Geoffrey Messado (appointed May 2001) Non Executive Director MANAGEMENT ANALYSIS & DISCUSSION CONT’D THE BOARD OF DIRECTORS CONT’D MANAGEMENT ANALYSIS & DISCUSSION CONT’D Nicholas Scott is a non-executive Director of the company and the Chief Investment Officer for the Musson Group. He also serves as the Managing Director of Eppley Limited and as a director of many of the Musson subsidiaries and affiliates including Seprod. He returned to Jamaica in 2009 after working as a private equity investor and investment banker at the Blackstone Group in New York and Brazil. Mr. Scott Holds a BSc. In Economics (Magna Cum Laude) from the Wharton School at the University of Pennsylvania, an M.B.A. (Beta Gamma Sigma) from Columbia Business School and a M.P.A. from the Harvard Kennedy School of Government. Duncan Stewart is one of the family leaders of Stewart’s Auto Sales Ltd. and its affiliated companies, Stewart’s Auto Paints Ltd., Tropic Island Trading Co. Ltd. and Silver Star Motors Ltd. He joined his family’s business as a 3rd generation member in 1985 after graduating with a B.Eng (Mech) degree from McGill University. He learned the business by working his way through the ranks, learning and following the family’s culture of service. Nicholas A. Scott (appointed July 2011) Non Executive Director Duncan Stewart (appointed August 2011) Independent Non Executive Director Jennifer Scott is a non-executive Director of the Board of the Company. Mrs. Scott holds a B.Sc.(Hons) in Psychology from Newcastle University, United Kingdom, a Graduate Diploma in Legal Studies from Keele University, UK, and Certificate of Legal Practice from the College of Law, London. She was admitted as a Solicitor of Supreme Court of England and Wales. She attended Norman Manley Law School, and was admitted as an Attorney-at-Law of the Supreme Court of Jamaica in 2014. She is a consultant at Clinton Hart & Co., Attorneys-at-Law specialising in the areas of financial securities and corporate law. Christopher Nakash is an independent non-executive Director of the Board of the Company. Mr. Nakash brings to the Board his management experience, gained as Chief Executive Officer of Nakash Construction & Equipment Limited. In the past, Mr. Nakash also served as General Manager of Netstream Global (2003 to 2008), and he was also a founding member and Director of the Riverton Improvement Association and Intelligent Multimedia Limited. Mr. Nakash holds a BBA from University of New Brunswick, Canada. Jennifer Scott (appointed December 2009) Non Executive Director 28 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 Christopher Nakash (appointed December 2006) Independent Non Executive Director Nicholas Scott is a non-executive Director of the company and the Chief Investment Officer for the Musson Group. He also serves as the Managing Director of Eppley Limited and as a director of many of the Musson subsidiaries and affiliates including Seprod. He returned to Jamaica in 2009 after working as a private equity investor and investment banker at the Blackstone Group in New York and Brazil. Mr. Scott Holds a BSc. In Economics (Magna Cum Laude) from the Wharton School at the University of Pennsylvania, an M.B.A. (Beta Gamma Sigma) from Columbia Business School and a M.P.A. from the Harvard Kennedy School of Government. Jennifer Scott is a non-executive Director of the Board of the Company. Mrs. Scott holds a B.Sc.(Hons) in Psychology from Newcastle University, United Kingdom, a Graduate Diploma in Legal Studies from Keele University, UK, and Certificate of Legal Practice from the College of Law, London. She was admitted as a Solicitor of Supreme Court of England and Wales. She attended Norman Manley Law School, and was admitted as an Attorney-at-Law of the Supreme Court of Jamaica in 2014. She is a consultant at Clinton Hart & Co., Attorneys-at-Law specialising in the areas of financial securities and corporate law. MANAGEMENT ANALYSIS & DISCUSSION CONT’D THE BOARD OF DIRECTORS CONT’D Duncan Stewart is one of the family leaders of Stewart’s Auto Sales Ltd. and its affiliated companies, Stewart’s Auto Paints Ltd., Tropic Island Trading Co. Ltd. and Silver Star Motors Ltd. He joined his family’s business as a 3rd generation member in 1985 after graduating with a B.Eng (Mech) degree from McGill University. He learned the business by working his way through the ranks, learning and following the family’s culture of service. Christopher Nakash is an independent non-executive Director of the Board of the Company. Mr. Nakash brings to the Board his management experience, gained as Chief Executive Officer of Nakash Construction & Equipment Limited. In the past, Mr. Nakash also served as General Manager of Netstream Global (2003 to 2008), and he was also a founding member and Director of the Riverton Improvement Association and Intelligent Multimedia Limited. Mr. Nakash holds a BBA from University of New Brunswick, Canada. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 29 Duncan Stewart (appointed August 2011) Independent Non Executive Director Christopher Nakash (appointed December 2006) Independent Non Executive Director Heading THE BOARD OF DIRECTORS CONT’D Matthew Lyn is an independent non-executive Director of the Board of the company. Mr Lyn is the Chief Operating Officer of the CB Group and its related companies, including CB Foods Ltd., Newport Mills Ltd. and Imagination Farms Ltd. He holds a B.B.A from the Goizuetta Business School at Emory University. Matthew Lyn (appointed July 2015) Independent Non Executive Director Gregory St Hugh Foster Chief Financial Officer Brian Jardim serves as a partner in the bar and grill chain Margaritaville and he is the owner of Rainforest Seafoods. Mr. Jardim joined the board of General Accident in 2017 and he serves as an independent member. He is a graduate of the University of Florida with a Bachelors degree in Business Administration and a Masters degree in Accounting. Brian Jardim (appointed August 2017) Independent Non Executive Director 30 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 Management Team Gregory St Hugh Foster Chief Financial Officer Brian Jardim serves as a partner in the bar and grill chain Margaritaville and he is the owner of Rainforest Seafoods. Mr. Jardim joined the board of General Accident in 2017 and he serves as an independent member. He is a graduate of the University of Florida with a Bachelors degree in Business Administration and a Masters degree in Accounting. Mr. Gregory Foster is the Chief Financial Officer with responsibility for leading the finance, accounting and treasury function. Mr. Foster joined the Company in August 2014 after 8 years at PricewaterhouseCoopers where he held the position of an Assistant Manager in their Audit and Assurance Department. He has accumulated over seven years of experience in providing audit services to a wide spectrum of clients, including government/public sector, financial services, and manufacturing and distribution. Mr. Foster is also part-time lecturer at Richmond Academy an ACCA gold approved learning center. Mr. Foster obtained his ACCA professional qualification in 2006 and is also a member of Institute of Chartered Accountants of Jamaica (ICAJ). Ms. Careen Nolan began her insurance career with General Accident in January 1992, where she worked in the Underwriting department and held various post, the last being Underwriting Supervisor when she resigned in June 1996. She returned in 2007, as the Underwriting Manager and worked briefly with the company for two years, until she decided to follow other career aspirations. In January 2017, Miss Nolan rejoined the company as the Broker Services Manager and was promoted to Senior Underwriting Manager in January 2018. She brings to her new position a wealth of knowledge in Risk Management. Careen has a Bachelor of Science Degree in Computing with Management Studies from the University of Technology and an MBA in General Management. Careen Nolan Senior Underwriting Manager General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 31 MANAGEMENT TEAM CONT’D MANAGEMENT TEAM CONT’D Mrs. Andrea Muir-Gibbs joined the company in 2013. She is responsible for managing the relationship with our Broking partners and corporate clients. Mrs. Muir-Gibbs has over 15 years of experience in the insurance industry. She is a Chartered Insurer and a member of the Chartered Insurance Institute (UK). Andrea Muir Gibbs Broker Services Manager Petagae McCook joined General Accident in January 2018 as the Claims and Legal Manager. She has worked in the general insurance industry for over 20 years and has extensive experience in claims negotiations and settlements. Ms. McCook holds an LLB from the University of the West Indies, and she is an Attorney-at-Law. Petagae McCook Claims & Legal Services Manager Lesley Miller Chief Information Officer 32 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 MANAGEMENT TEAM CONT’D Mrs. Andrea Muir-Gibbs joined the company in 2013. She is responsible for managing the relationship with our Broking partners and corporate clients. Mrs. Muir-Gibbs has over 15 years of experience in the insurance She is a Chartered Insurer and a member of the Chartered Insurance industry. Institute (UK). Jamalda Stanford-Brown joined General Accident in January 2018 as the Business Development Officer. She brings to the position a wealth of knowledge in the areas of auditing, risk and reinsurance having worked in finance and insurance in the international reinsurance market. Jamalda has a Bachelor of Science Degree in Economics and Accounting from the University of the West Indies, she is a Certified Public Accountant (CPA), a Chartered Property and Casualty Underwriter (CPCU) and holds an Associate Degree in Reinsurance. Petagae McCook joined General Accident in January 2018 as the Claims and Legal Manager. She has worked in the general insurance industry for over 20 years and has extensive experience in claims negotiations and settlements. Ms. McCook holds an LLB from the University of the West Indies, and she is an Attorney-at-Law. Jamalda Stanford-Brown Business Development Officer Lesley Miller Chief Information Officer Lesley Miller joined General Accident in 2006 and held various positions in the Technology department. She held the position Senior Information Systems Analyst with responsibility for the I.T. department until her resignation to join Digicel in November 2011. Lesley spent six years at Digicel in various senior roles where she continued to develop her skills in management and strategy development while innovating and developing new market opportunities. Lesley rejoined General Accident in January 2018 as Chief Information Officer. She brings to the role a wealth of knowledge in IT Service Management, product and process innovation. As CIO, Lesley’s focus is on a complete customer experience digital transformation by leveraging cutting-edge analytics and technologies. She holds a B.Sc. in Computing & Information Technology from the University of Technology Jamaica and an MBA in Banking & Finance from the University of the West Indies. Lesley is a certified Project Management Professional (PMP). General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 33 MANAGEMENT TEAM CONT’D MANAGEMENT TEAM CONT’D Miss Tracey-Ann Thompson joined the company in 2008 and has over, 10 years of experience in the insurance industry. She is the holder of a Bachelor of Science Degree in Banking and Finance and is currently pursuing a Master of Science Degree in Enterprise Risk Management. She is a Certified Insurance Technician from the College of Insurance Professional Studies. Tracey-Ann Thompson Underwriting Manager Mrs. Janille Jarrett joined General Accident in May 2005, and has worked in the Customer Service, Underwriting and Broker Services departments. She advanced through the ranks and held the position of Underwriting Supervisor up to August 2015, when she migrated. She rejoined us in July 2016 and was appointed Underwriting Manager - AutoSMART, which is a specialized insurance business unit within General Accident. In January 2018 Mrs. Jarrett was promoted to Motor Manager. She is a Certified Insurance Technician and has a Diploma in Insurance. Janille Jarrett Motor Manager 34 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 MANAGEMENT TEAM CONT’D Miss Tracey-Ann Thompson joined the company in 2008 and has over, 10 years of experience in the insurance industry. She is the holder of a Bachelor of Science Degree in Banking and Finance and is currently pursuing a Master of Science Degree in Enterprise Risk Management. She is a Certified Insurance Technician from the College of Insurance Professional Studies. Mrs. Janette Cole Smith is the Finance & Compliance Manager of the Company. She rejoined the Company in January 2014. She has over 20 years of experience as a senior manager in the finance and insurance industry. Her last post was as the AVP of Operations at Proven Wealth Ltd. Mrs. Cole Smith is a Chartered Accountant and a member of the Institute of Chartered Accountants of Jamaica. Janette Cole Smith Finance & Compliance Manager Mrs. Janille Jarrett joined General Accident in May 2005, and has worked in the Customer Service, Underwriting and Broker Services departments. She advanced through the ranks and held the position of Underwriting Supervisor up to August 2015, when she migrated. She rejoined us in July 2016 and was appointed Underwriting Manager - AutoSMART, which is a specialized insurance business unit within General Accident. In January 2018 Mrs. Jarrett was promoted to Motor Manager. She is a Certified Insurance Technician and has a Diploma in Insurance. Ms. Cheryll Henry is the Operations & Facilities Manager of the Company. Ms. Henry has been with the Company for over 20 years. She joined the Company in 1996 as an Administrative Supervisor and, notably, within a 10 year period she rotated through every division, and was also appointed Operations Manager of Orrett & Musson Investment Company Limited, a former subsidiary of the Company. Ms. Henry holds a Bachelors degree in Management Studies from the University of the West Indies and a Diploma in Human Resource Management from the Institute of Management & Production. Cheryll Henry Operations & Facilities Manager General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 35 MANAGEMENT TEAM CONT’D MANAGEMENT TEAM CONT’D Marcia Dwyer joined the General Accident Team in January 2017, as a Claims Consultant, having previously worked with one of Jamaica’s major conglomerate both as a Claims Specialist, as well as a Human Resources Generalist. Apart from her warm smile and stubborn dedication, Marcia brings to her portfolio expertise in the field of Human Resources and a treasure trove of knowledge and experience in the technical and legal aspects of Insurance. Marcia has a Law Degree from the University of London with specialization in Labour Law, an Associate In Claims designation from the Insurance Institute of America and is a Chartered Insurer of the Associate of the Chartered Insurance Institute. Mr. Douglas Hayden joined the company in December 2014. He came to us with over twenty years of experience in the Information Technology field, twelve of those years being at the management level. He holds a Bachelor’s degree in Computer Science from Florida International University, a diploma in Information Technology from the University of Technology and several professional certifications including Information Technology Infrastructure Library (ITIL v3). Marcia Dwyer Human Resources Manager Douglas Hayden Information Technology Manager 36 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 MANAGEMENT TEAM CONT’D Tanya Thomas Business Intelligence Manager Miss Tanya Thomas joined the Company in July 2012 as a Data Analyst and in April 2015 she was promoted to Senior Data Analyst. She has prior experience in the field of management, having been employed for four years as an Administrative Manager with Quick Signs Ltd. She is the holder of a Bachelor of Science Degree in Computing with Management Studies. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 37 Mr. Douglas Hayden joined the company in December 2014. He came to us with over twenty years of experience in the Information Technology field, twelve of those years being at the management level. He holds a Bachelor’s degree in Computer Science from Florida International University, a diploma in Information Technology from the University of Technology and several professional certifications including Information Technology Infrastructure Library (ITIL v3). Our Team Members THE AUTOSMART TEAM Left to Right - A. Daley, G.Foster, N.Senior, C. Nunes, N. Parkes, L. Campbell, P. Thomas, E. Pearson, J. Jarrett, V. Williams, K. Hyde Front Row Left to Right - R.Smith, S. Davis, J.Cole-Smith, M. Lawrence. E.Scott, D. Dawkins Back Row Left to Right - T. Brown, S. Dempster. R. Copeland, G. Foster, K.Muir THE AUTOSMART TEAM CONT’D Left to Right - P. Dennis, N. Barrett-Collins, O. Ellis, A. Johnson, C. Spence, S. Perry, N. Hewitt, J. Hutchinson Left to Right - T. Hemans, S. Hall, K. Gardener, A. Muir-Gibbs 38 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 OUR TEAM MEMBERS CONT’D Left to Right - A. Daley, G.Foster, N.Senior, C. Nunes, N. Parkes, L. Campbell, P. Thomas, E. Pearson, J. Jarrett, V. Williams, K. Hyde THE ACCOUNTS TEAM Front Row Left to Right - R.Smith, S. Davis, J.Cole-Smith, M. Lawrence. E.Scott, D. Dawkins Back Row Left to Right - T. Brown, S. Dempster. R. Copeland, G. Foster, K.Muir THE BROKER SERVICES TEAM THE BUSINESS DEVELOPMENT TEAM Left to Right - T. Hemans, S. Hall, K. Gardener, A. Muir-Gibbs Left to Right - J. Stanford-Brown, E. Frazer General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 39 OUR TEAM MEMBERS CONT’D OUR TEAM MEMBERS CONT’D THE CLAIMS & LEGAL TEAM Front Row Left to Right - R. Forrest, K. Farquharson, S. Wilson, S. Williams, B. Hall, L. Stewart, J. Hoffman, S. Crooks Back Row Left to Right - A. Montaque, P. McCook, M. Raby, R. Foster, L. Hurd, O. Phillips, L. Cooper, A. Grant THE HUMAN RESOURCES TEAM Left to Right - K. Spencer, M. Dwyer THE I.T. & BUSINESS INTELLIGENCE TEAM Front Row Left to Right - D. Harris, L. Miller, T. Thomas, S Daniels Back Row Left to Right - S. Falloon, D. Hayden 40 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 OUR TEAM MEMBERS CONT’D Front Row Left to Right - R. Forrest, K. Farquharson, S. Wilson, S. Williams, B. Hall, L. Stewart, J. Hoffman, S. Crooks Back Row Left to Right - A. Montaque, P. McCook, M. Raby, R. Foster, L. Hurd, O. Phillips, L. Cooper, A. Grant THE MOTOR TEAM THE MOTOR TEAM Front Row Left to Right - S. Thomas,J. Jenkins, S. Shaw,T. Parsley, O. Pitterson-Nattie, T. Hamilton, L. Sinclair, J. Jarrett, K. Morgan-Ellis Back Row Left to Right - C. McCarthy, N. Gordon, N.McKoy, W. Clarke-Gayle, J. Patterson, R. Kerr, M. Morgan, J. Ellis, K.Henry THE I.T. & BUSINESS INTELLIGENCE TEAM Front Row Left to Right - D. Harris, L. Miller, T. Thomas, S Daniels Back Row Left to Right - S. Falloon, D. Hayden THE OPERATIONS & FACILITIES TEAM Front Row Left to Right - E. Edwards, S. Reynolds, C. Malcolm, C. Henry, K. Morris Back Row Left to Right - C. James, L. Young, K. Anderson, C. Mahoney, R. Douglas, H. Morris General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 41 OUR TEAM MEMBERS CONT’D Risk Management THE PROPERTY & CASUALTY TEAM Front Row Left to Right - S. Graham, J. Ramanand Back Row Left to Right - C. Francis, T. Thompson, J. Harvey, I. Russell-Skyers, S. Fairweather, D. Kildare THE REGISTRY TEAM Front Row Left to Right - A. Wilson, A. Thompson, T. Thompson,P. Tulloch Back Row Left to Right - S. Spence, S. Lee 42 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 Risk Management General Accident is regulated by the Financial Services Commission (FSC) and the FSC operates a risk-based approach to supervision. The Company has in place a board approved risk management framework. The framework identifies the major risk outcomes that pose a threat to the achievement of the company’s strategic objectives. Risks are monitored on a monthly basis and reported under a number of headings which together with our mitigation approach are set out below. General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 43 Company Profile Disclosure of Shareholdings ATTORNEYS: Chairman Deputy Chairman Managing Director Nunes Scholefield & DeLeon & Co: 6A Holborn Road Kingston DunnCox 48 Duke Street, Kingston REGISTERED OFFICE 58 Half Way Tree Road, Kingston Telephone No: (876) 929-2451 Fax No: (876) 929-1074 Email: info@genac.com Website: www.genac.com REGISTRAR Jamaica Central Securities Depository DIRECTORS: P.B. Scott Melanie Subratie Sharon Donaldson Geoffrey Messado Jennifer Scott Nicholas Scott Duncan Stewart Christopher Nakash Matthew Lyn Brian Jardim CORPORATE SECRETARY: Geoffrey Messado APPOINTED ACTUARY: Josh Worsham, FRAS, MAAA AUDITORS: PricewaterhouseCoopers BANKERS: CIBC First Caribbean International Bank First Global Bank Bank of Nova Scotia Jamaica Limited National Commercial Bank 44 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 Disclosure of Shareholdings Shareholdings of Top 10 Shareholders Shareholders Shares Percentage 1. Musson Jamaica Limited 2. Mayberry West Indies Limited 3. Mayberry Managed Clients 4. Apex Pharmacy 5. JCSD Trustee Services Limited – Sigma Venture 6. Lloyd Badal 7. Lancedale Farquharson 8. PAM – Pooled Equity Fund 9. First Caribbean International Sec. Ltd A/C B.U.T 10. Sagicor Pooled Equity Fund Shareholdings of Directors Director 1. P.B. Scott 2. Nigel Clarke 3. Melanie Subratie 4. Sharon Donaldson 5. Duncan Stewart 6. Nicholas Scott 7. Christopher Nakash 8. Geoffrey Messado 9. Jennifer Scott 10. Matthew Lyn 11. Brain Jardim 824,999.989 34,787,103 13,774,822 1.3357 11,588,279 9,121,759 6,232,040 5,894,181 5,299,832 4,889,666 4,251,700 80.00 3.373 1.1237 0.8845 0.6043 0.5716 0.5139 0.4741 0.4123 Direct Connected Nil 2,475,248 Nil 3,450,198 2,475,190 1,980,198 1,698,020 1,000,000 Nil Nil Nil 824,999,989 Nil 824,999,989 177,758 Nil Nil Nil Nil Nil Nil Nil General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 45 DISCLOSURE OF SHAREHOLDINGS CONT’D Shareholdings of Management Team Manager Maureen Hall Cheryll Henry Gregory Foster Tracey-Ann Thompson Janille Jarrett Douglas Hayden Andrea Muir Gibbs Janette Cole Smith Tanya Thomas Careen Nolan Lesley Miller Stock Trading Direct 2,362,000 1,980,198 350,000 50,000 25,000 Nil Nil Nil Nil Nil 250,000 Connected 38,000 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil General Accident’s ordinary shares traded on the Jamaica Stock Exchange (JSE) under the symbol GENAC Quarterly high and low closing market of the stock in 2017 were as follows: Quarters Q1 2017 Q2 2017 Q3 2017 Q4 2017 High 3.15 3.35 2.74 2.80 Low 3.15 3.30 2.60 2.80 46 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 GENERAL ACCIDENT INSURANCE COMPANY JAMAICA LIMITED 31 December 2017 FINANCIAL STATEMENTS Actuary’s Report Independent Auditor’s Report to the Members Financial Statements Statement of comprehensive income Statement of financial position Statement of changes in equity 54 55 56 57 - 58 Statement of cash flows 59 - 108 Notes to the financial statements 48 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 49 50 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 51 52 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 53 54 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. 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ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 69 70 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 71 72 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 73 74 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 75 76 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 77 78 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 79 80 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 80 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 81 81 82 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 83 84 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 85 86 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 87 88 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 89 90 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017 91 92 General Accident Insurance Company Jamaica Limited. 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