General 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
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31
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43
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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
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59
60 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
61
62 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
63
64 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
65
66 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
67
68 General Accident Insurance Company Jamaica Limited. 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. ANNUAL REPORT 2017
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
93
94 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
95
96 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
97
98 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
99
100 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
101
102 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
103
104 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
105
106 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
107
108 General Accident Insurance Company Jamaica Limited. ANNUAL REPORT 2017
Notes
Notes