MIAMI – Arthur J. Gallagher & Co., a South Florida based insurance broker has acquired a 38.5% equity interest in CGM Group Limited, headquartered in Kingston, Jamaica. Terms of the transaction were not disclosed.
With roots going back to 1971, CGM Group Ltd (CGM) is an insurance intermediary and risk management company that provides property, casualty, health, risk management, reinsurance and modeling services to clients throughout the Caribbean. 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, said, “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.”
Matthew Pragnell, the CEO of CGM Group, commented about the deal stating, “CGM has made huge progress in creating a recognized regional brand throughout the Caribbean. A partnership with Gallagher now gives us an enhanced trading platform. What is also attractive for us in the deal is that 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.”
