CGM Gallagher Group goes to Ocho Rios

Carl Gilchrist, Financial Gleaner Writer

CGM Gallagher Group, the largest and one of the oldest insurance brokers in the English-speaking Caribbean, formally met clients in St Ann Tuesday evening, who were formerly with Zenith Insurance Brokers, whose commercial portfolio CGM acquired at the end of April.

Group Chief Executive Officer Matthew Pragnell, in welcoming clients during a reception at the Hibiscus Lodge in Ocho Rios, stressed that clients have always played a very important role in every decision that the company has made.

"At CGM Gallagher we know the importance of a broker and do not take the obligation to our clients lightly. In fact, this Zenith marriage is one of the many steps we've taken in recent years to dramatically increase the level at which we can serve our clients. With the combined expertise of Zenith and CGM Gallagher we will no doubt be better equipped to develop and offer novel insurance solutions at best terms to businesses like yours," said Pragnell.

Regarding the Zenith acquisition, Group Managing Director Saundra Bailey explained to the Financial Gleaner that the group was always looking for opportunities to expand, and Zenith presented such.

"For us, I think it is a wonderful opportunity; we have talented and experienced staff members coming on board," Bailey said.

More brokers

She said clients can expect, among other things, to have a larger number of brokers and account managers to choose from, along with added services such as access to international reinsurance firms.

CGM Gallagher began operating in Jamaica in 1971 as International Insurance Brokers Limited (IIB), as a result of a partnership between three entities.

In 2004, GM Insurance Brokers out of Barbados and IIB merged to create the CGM Group.

Since then, CGM Group has grown, acquiring GeoSY Limited of Washington, DC in 2004.

Then in 2007, Arthur J Gallagher, one of the world's largest brokers, which is listed on the New York Stock Exchange, partnered with CGM to create the CGM Gallagher Group.

The Group, with more than 150 employees, now serves clients across the region from offices in Jamaica, Barbados, St Vincent, St Lucia and Grenada, and handles premiums valued at more than US$120 million.

While CGM acquired the commercial portfolio of Zenith, two other brokers, Orion and Central, acquired the personalised portfolio.