Arthur J. Gallagher & Co. announced that it has acquired a 38.5 percent equity interest in CGM Group Limited, headquartered in Kingston, Jamaica. Terms of the transaction were not disclosed.
CGM, which started in 1971, “is an insurance intermediary and risk management company that provides property, casualty, health, risk management, reinsurance and modeling services to clients throughout the Caribbean,” said the bulletin. “Matthew Pragnell, CEO of CGM, and his associates will continue to operate from offices in Jamaica, Barbados, St. Vincent and St. Lucia under the name of CGM Gallagher Group, Ltd.”
J. Patrick Gallagher, Jr., Chairman, President and CEO, indicated: “This partnership broadens our international presence and offers our clients an increased spectrum of services and geographic coverage throughout the Caribbean. We are pleased that CGM has chosen Gallagher as its strategic partner and look forward to a long and rewarding relationship with Matthew and his team.”
Pragnell noted that his Company had “made huge progress in creating a recognized regional brand throughout the Caribbean.” He indicated that the tie-up with Gallagher would further enhance its “trading platform.” He also remarked that the deal was especially attractive as “Gallagher’s other interests in the region do not conflict with ours, and that our future interests and ambitions for the Caribbean are completely aligned.”
Source: A.J. Gallagher – http://www.ajg.com
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