CGM Gallagher acquires another insurance portfolio in the Caribbean
INSURANCE broker, CGM Gallagher (CGMG), has taken over another insurance portfolio in the eastern Caribbean.
Goddard Enterprises transferred the portfolio of its subsidiary Minvielle & Chastanet Insurance Brokers (MCIB) to CGMG on Monday.
The deal should enable MCIB customers to better manage their risk, given CGMG’s Caribbean expertise and international reach through Arthur J Gallagher, according to CGMG’s chairman Peter Melhado.
It also fits into CGMG’s expansion drive in the Caribbean.
Since partnering with Jamaica-based International Insurance Brokers in 2004, CGMG partnered with one of the world’s largest insurance brokers, US-based AJ Gallagher & Co (AJG).
CGMG then acquired Jamaican-based Zenith Insurance Brokers and its US$10-million ($860-million) portfolio in 2010, and Barbados-based Atria Insurance Brokers the following year, to add to its other acquisitions — CGM Gallagher St Vincent Ltd, Caribbean Risk Managers Limited as well as start-up operations in St Lucia and Grenada.
Since then, AJG doubled its stake in GCMG to 80 per cent.
The regional insurance broker has offices in Jamaica, Barbados, St Lucia, St Vincent, St Kitts, Grenada and now, Dominica and Antigua. It has over 150 employees and is the largest broker in the Caribbean.
“This transaction allows MCIB’s customers the best possible service going forward and both Minvielle & Chastanet Ltd and the Goddard Group plan to remain involved in the early stages of the transfer of operations to ensure a seamless transition for our customers,” added Anthony Ali, CEO of Goddard Enterprises Ltd, the ultimate parent of MCIB.
