ICD Group

What ICD Group does

ICD Group Limited is a privately-held Jamaican conglomerate originally founded in 1946 and incorporated as Industrial Commercial Developments in 1962. It operates as a long-term private-equity holding company controlled by the Matalon family, with Joseph M. Matalon as Chairman and Peter Melhado as President and CEO. The group is structured as a platform of seven operating subsidiaries: WIHCON (housing development and prefabricated construction), BCIC (general insurance), ACI/ADV (BPO contact-centre services across Jamaica, Canada and Mexico), WPL (institutional property management), Intcomex (minority stake in IT distribution across 14 Latin American and Caribbean territories), Gustazos (minority stake in an e-commerce deals platform), and MYF (a youth-development foundation).

The group generates revenue through a portfolio of distinct business models. BCIC earns recurring insurance premiums across Property & Casualty, Motor, Accident, Liability and Financial Guarantees, and surpassed J$11 billion in GWP in 2019. WIHCON sells newly built homes to middle-income Jamaican buyers (J$8M–J$22M per unit, ~1,000 units annually), with an engineering-led shift toward modular steel/container construction aimed at tripling output by 2024. ACI/ADV derives professional-services revenue from 40 enterprise BPO clients primarily in North American technology, hospitality, retail, education and healthcare. WPL manages 1.4 million square feet of real estate for institutional owners under managed-services contracts. Intcomex and Gustazos contribute transaction-fee distribution and e-commerce revenue through minority equity stakes.

Distribution is multi-channel: BCIC's physical branch network across Jamaica plus the recently added VMBS branches in Barbados and Turks & Caicos; ACI/ADV's nearshore contact centres spanning Kingston, Eastern Canada and Tijuana; Intcomex's 50,000-reseller wholesale network across 24 consolidation centres; WIHCON's direct sales offices and model-home presentations partnered with the National Housing Trust; and Gustazos's own e-commerce storefront. The group's revenues are not consolidated externally, but disclosed scale signals—$11B GWP, 42,000+ cumulative housing units, 12,000+ SKUs, 1.4M sq ft managed—indicate a sizable Jamaican-headquartered regional enterprise with presence across more than 50 countries.

Name

ICD Group

Legal name

ICD Group Limited

Website

https://icdgroup.net

Company type

Private

Founded year

1962

Operating status

Operating

Headcount range

251–500 employees

Short description

ICD Group is a Jamaican private-equity holding company operating diversified subsidiaries in general insurance (BCIC), affordable housing and modular construction (WIHCON), BPO contact-centre services (ACI), institutional property management (WPL), IT distribution (Intcomex), and e-commerce (Gustazos) across the Caribbean, Latin America, and North America.

Ownership category

akta.pro rank

Headquarters

HQ city

Kingston

HQ country

Jamaica

HQ region

Latin America

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure, Others

Revenue model

1. Insurance Premiums: BCIC generates revenue through general insurance premiums including Property and Casualty, Motor, Accident, Liability and Financial Guarantees. BCIC surpassed $11-billion mark in gross written premiums (GWP) and achieved 28% increase in GWP in 2019.
2. Housing Development and Sales: WIHCON builds and sells homes targeting low- to middle-income buyers. Units range from $8 million to $22 million. Annual spending of $6 billion on developments with average of 1,000 units provided annually.
3. Property Management Services: WPL offers specialized property management services covering 1.4 million square feet of real estate for institutional clients, providing strategic and operational management, billing and collections, reporting and project management.
4. BPO Services: ACI/ADV provides customer contact center services serving 40 companies across North America. The BPO division contributes 12% of group revenue.
5. Technology Distribution: Intcomex distributes IT products across 14 territories serving more than 50,000 resellers, representing 180 manufacturers with a portfolio of more than 12,000 SKUs.
6. E-commerce Platform: Gustazos operates deals and promotions platform offering up to 90% discounts on hotels, attractions, restaurants, shows and more across five markets.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

ICD Group is a Jamaican-based diversified private equity investment company that holds and operates subsidiaries across insurance (BCIC), housing development and construction (WIHCON), property management (WPL), business process outsourcing (ACI), IT distribution (Intcomex), and e-commerce deals (Gustazos). The group functions as a long-term holding company investing in businesses that offer opportunities for growth and create employment across Jamaica, the Caribbean, Latin America, and North America.

Product overview

ICD Group Holdings Limited is a diversified private equity investment company operating across multiple sectors through its portfolio of subsidiaries. The company operates a platform-plus-subsidiaries model consisting of insurance services (BCIC), construction and real estate development (WIHCON, WPL), technology distribution (Intcomex), e-commerce (Gustazos), business process outsourcing (ACI), and youth development (MYF). The group has evolved from its origins in manufacturing and trading to focus on financial services, construction, real estate, and BPO across the Caribbean, Latin America, and North America.

Differentiator

Problem solved

Functional benefit

Brands

• BCIC: British Caribbean Insurance Company - general insurance solutions provider operating in Jamaica, Barbados and Turks & Caicos
• WIHCON
• Intcomex
• Gustazos
• ACI (Advantage Communications)
• WIHCON Properties Limited (WPL)
• MultiCare Youth Foundation

Products and services

• British Caribbean Insurance Company (BCIC) General insurance company offering Property and Casualty, Motor, Accident, Liability and Financial Guarantees coverage for individuals and businesses, operating across Jamaica, Barbados and Turks & Caicos with a branch network and online quote/buy/pay/claim capabilities.
• West Indies Home Contractors Limited (WIHCON) Housing developer and contractor building affordable homes, apartments, and luxury townhomes in Jamaica, using a proprietary prefabricated building system and modular steel/container construction; has delivered more than 42,000 housing solutions over 60+ years.
• WIHCON Properties Limited (WPL) Property management services covering 1.4 million square feet of real estate for institutional clients in Jamaica, including strategic and operational management, billing and collections, reporting, project management, and licensed real estate brokerage.
• Intcomex

Quantifiable outcome

• BCIC surpassed $11-billion GWP with 28% increase and 165% profitability growth in 2019
• +4 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• First Kontact LLCcoreStrategic or Co-development Partner · 13 January 2020ACI/ADV acquired majority shareholding in First Kontact LLC, a Nevada-domiciled company operating a contact centre in Tijuana, Mexico with Spanish and English language capabilities. The acquisition adds 400 employees and language diversity to ICD's BPO offerings.
• Jamaica Constabulary Force (JCF)minorOthers · 26 February 2014WIHCON donated a police post to JCF at Meadows of Irwin development in St James. J$12 million facility accommodates up to 14 police personnel. Public-private partnership supporting community safety.
• Alf Investments LimitedcoreStrategic or Co-development Partner · 16 May 2012Alf Investments (owned by Mark and Ricky Mahfood) acquired 50% stake in WIHCON through cash and land deal. Alf contributed approximately 1,000 acres of developable land. Partnership enables strength and flexibility across housing sector with Alf's higher-end development expertise combined with WIHCON's affordable housing capabilities.
• Victoria Mutual Building SocietycoreStrategic or Co-development PartnerVMBS owns 31.5% of BCIC following merger of BCIC and Victoria Mutual Insurance Company in 2010. ICD Group holds 68.5% of merged entity. Partnership combines BCIC's general insurance expertise with VMBS's distribution network through branch locations.
• National Housing Trust (NHT)coreStrategic or Co-development PartnerWIHCON partners with NHT for affordable housing developments. NHT provides financing and serves as key customer for housing projects. Current partnerships include The Estuary in Montego Bay (2,600 units), Silver Sun in St Catherine, and other developments targeting low- to middle-income buyers.
• Housing Agency of Jamaica (HAJ)minorStrategic or Co-development PartnerWIHCON in discussions with HAJ for modular housing structures partnerships. HAJ is a government agency serving the middle-income housing market alongside NHT.
• LIME FoundationminorStrategic or Co-development PartnerLIME Foundation partnered with MultiCare Foundation to establish 'The Link' cyber centre at Breezy Castle Sports Complex. LIME provided US$3 million value including 11 desktop computers and broadband service. Joint initiative supports youth education and community development.
• GK FoundationminorStrategic or Co-development PartnerICD Group partnered with GK Foundation to create a mural on South Camp Road in downtown Kingston. Partnership aligned with ICD's CSR commitment to community development and downtown revitalization as part of Kingston Creative initiative.

Scale indicators18 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• GraceKennedy Limited: Jamaica-headquartered diversified conglomerate with food, financial services and insurance operations. Closely comparable to ICD given similar Jamaican/regional diversification across consumer, financial services and distribution.
• Sagicor Group Jamaica: Leading Caribbean insurance and financial services group. ICD Group CEO Peter Melhado is Chairman; comparable to the BCIC/insurance and broader financial services arm of ICD's portfolio.
• Massy Holdings: Trinidad-based diversified conglomerate spanning insurance, retail, industrial distribution and integrated services. Closely aligned with ICD as a Caribbean multi-sector holding company with insurance at its core.
• Guardian Group: Caribbean insurance and financial services provider offering life, health and pensions across multiple regional markets. Directly comparable to BCIC's regional general insurance franchise.
• JMMB Group: Jamaican financial services holding company offering banking, investment and insurance. Comparable to ICD as a Jamaican-rooted diversified financial services platform.
• NCB Financial Group: Largest Jamaican financial services conglomerate spanning banking, insurance and wealth management. Directly comparable to ICD's insurance-heavy, Jamaica-anchored financial services footprint.
• CGM Gallagher Group: Caribbean insurance brokerage in which ICD retains a 20% stake (sold 41.5% to Arthur J. Gallagher in 2012). Directly comparable to BCIC's regional insurance distribution footprint.

Broad incumbents

• Pan-American Life Insurance Group: Established US-headquartered insurer with deep Caribbean and Latin American presence. Overlaps with BCIC's general insurance franchise across similar regional markets but operates at broader scale.
• Teleperformance: Global BPO/customer experience provider operating near-shore and offshore contact centres at much greater scale. Comparable to ACI/ADV as a direct competitor for North American BPO contracts.
• TD SYNNEX (formerly Ingram Micro): Large IT distribution and solutions platform serving thousands of resellers and integrators globally. Comparable to ICD's 28%-held Intcomex as an IT distribution competitor in LatAm/Caribbean markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/icd-group-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICD Group