General Accident eyes regional expansion

 

General Accident Insurance Company is looking at opportunities to expand regionally.

 

Managing Director of General Accident Sharon Donaldson says this was a big part of the company's decision to move up to the main market of the Jamaica Stock Exchange. 

 

"It provides us with an opportunity to raise more capital, definitely equity capital, so we can continue with our expansion. We're pretty excited about going completely online, providing the insured with the opportunity to have a friction-less online experience. So they should be able to sit in their living rooms and take out an insurance policy for their car or their home and being able to print out their own documents and save the hassle with the traffic to come into our office," she said. 

 

Marlene Street Forrest, Managing Director of the Jamaica Stock Exchange, said the move also gives credit to the JSE's Junior Market and its role in supporting the development of companies. 

 

"The intention, though not mandated, is for companies having spent a period of 10 years growing its business through mentorship, corporate tax concession, the plowing of profit back into that business the use of equity funds raised at the inception, that they will now be ready to claim their places on the main market." 

 

She said 16 companies listed on the Junior Market have passed the 10-year mark where they received certain benefits, including a corporate tax holiday.