JMMB acquires City Insurance Brokers
Published:Wednesday | February 16, 2011 | 12:00 AM
Jamaica Money Market Brokers (JMMB) said Tuesday that it had acquired the portfolio of City Insurance Brokers Limited and would merge the business with its subsidiary JMMB Insurance Brokers, which was used as the acquisition vehicle.
JMMB said the acquisition complements its strategy of continued diversification and growth in its local and regional business lines but declined to state the value of the deal.
"We would not disclose that, but we've ascertained great value in the portfolio," said group marketing manager Imani Duncan.
The transaction closed Monday. City Insurance has been rebranded as JMMB Insurance Brokers Limited, but will continue to operate from its office at the Winchester Business Centre in Kingston.
Working on structure
Duncan said operational struct-ure was still being worked out, when pressed on staff complement and size of the merged operation.
"The depth of City's corporate portfolio will complement our existing insurance client base, which is primarily retail, as we continue to expand our Insurance business line," said Cecile Cooper, general manager for JMMB Insurance Brokers, in a company statement announcing the deal.
Incorporated in 2008, City Insurance services a portfolio of mainly corporate clients, which Duncan declined to quantify.
Companies Office of Jamaica records list businessman Roger Hinds and insurance broker Debbie Plummer-Reid as directors of the company. Plummer-Reid was also the general manager at acquisition.