CGM Gallagher Insurance Brokers announces strategic merger with Zenith Insurance Brokers
Caribbean insurance broker, CGM Gallagher Group has merged its commercial insurance broking portfolio with that of Zenith Insurance Brokers. As a result of the partnership, James Pawson, the Managing Director of Zenith will be appointed to the board of CGM Gallagher Insurance Brokers Jamaica Limited. The move will also see Zenith’s Montego Bay office branded under the CGM Gallagher name.
“CGM Gallagher has consistently been a leader in the Caribbean’s commercial insurance broking sector and we are delighted to put their expertise with ours in the same space, under one umbrella. This new association will give our clients the benefits of the reach and expertise of the new CGM Gallagher commercial insurance broking team without service interruption,” Pawson said.
Zenith Insurance Brokers is a Jamaica-based insurance broker. Founded in 1983, the company has four offices across the island. Its board is comprised of Lascelles Chin, Oliver Jones, Gordon Sharp and James Pawson.
Chris Bowen, Chairman of Gallagher International, said: “We are delighted to welcome Jim Pawson and his team to CGM Gallagher. Zenith has been a well respected business in Jamaica over many years and we are really pleased to have their added expertise as we develop the CGM Gallagher brand throughout the Caribbean.”
CGM Gallagher’s Jamaican roots date back to 1971 as International Insurance Brokers (IIB), an ICD-based subsidiary. The company has been growth focused since its 2004 merger with CGM, headquartered in Barbados. In 2008 it partnered with US-based AJ Gallagher & Co., one of the world’s largest insurance brokers, listed on the New York Stock Exchange. The Zenith initiative comes on the heels of the opening of a new office in Grenada by the company and is aligned with the Group’s expansion strategy.
Matthew Pragnell, CEO of CGM Gallagher Group, explained: “The advantages of this strategic merger are numerous. The combined experience of the Zenith and CGM Gallagher teams will allow the team to develop and offer novel insurance solutions at best terms to Caribbean businesses which are increasingly looking to international insurance trends to determine how to best manage risks.”
The CGM Gallagher Group is the largest and one of the oldest insurance brokers in the English-speaking Caribbean with premiums managed in excess of US$120,000,000.
The Group has offices in Jamaica, Barbados, St. Vincent, St. Lucia and Grenada; and licenses to operate in Antigua, Anguilla and Dominica and correspondents in Guyana, Suriname, Trinidad and Tobago, the ABC Islands and Puerto Rico.