Now slated for Friday instead of tomorrow

There has been a slight change in the graduation date of General Accident Insurance Company Jamaica’s (GENAC) graduation to the main market of the Jamaica Stock Exchange (JSE).

No information has been made available for the change. However, GENAC will not be graduating from the JSE Junior Market tomorrow, as was initially scheduled but will do so on Friday September 29. GENAC has been successful in its application for graduation of its listed ordinary shares to the JSE’s Main Market.

As such, effective Friday, September 29, the company’s issued securities that are listed on the junior market platform of the JSE will be listed on the main market of the JSE, and will continue to trade on that platform. Since being listed on the junior market over 10 years ago, GENAC has grown its gross written premium almost seven-fold. In addition to its market leadership in Jamaica, the company has established a regional presence in Barbados and Trinidad.

Reason for graduation

The directors of GENAC believe the successful application reflects its growth, increasing scope and ability to comply with the applicable governance standards for companies listed on the main market. The company’s shares were listed on the Junior Market on September 21, 2011.

Consequently, under the Income Tax Act, GENAC benefited from exemption from income tax on its profits for the first five years, and a 50 per cent exemption from income tax for the following five years, which ended on September 21, 2021. Therefore, its effective corporate income tax rate will not be adversely impacted by the graduation.

GENAC is one of the largest general insurance companies in Jamaica with gross written premiums equivalent to J$15 billion annually. General Accident is a leading underwriter of commercial lines with a growing motor insurance business through its General Accident and AutoSmart brands.

In addition to its established presence in Jamaica, General Accident has subsidiaries in Trinidad and Barbados. GENAC is publicly listed on the JSE and is regulated by the Financial Services Commission in Jamaica, the Central Bank of Trinidad and Tobago and the Financial Services Commission in Barbados.