Caribbean Risk Managers Ltd.

Caribbean Risk Managers Ltd. (CaribRM) has two branches - Jamaica & Barbados. CaribRM is the result of a merger between GeoSY Limited and what is now the CGM Gallagher Group, CaribRM is the only Caribbean-based risk management company to offer hazard and risk modelling, actuarial and financial analysis, risk surveying and control solutions as well as disaster preparedness and business continuity planning consultancy.

 
CGM Gallagher Insurance Brokers Ltd.

CGM Gallagher Insurance Brokers Limeted. can be found in 4 caribbean islands - Jamaica, Barbados, St. Vincent and St. Lucia. CGM Gallagher Insurance Brokers Limited offers a range of services including:

 
Get to Know Us
  • Over 160 employees
  • 37 + years experience in developing and administering insurance solutions for Caribbean clients
  • Access to the global reinsurance market through IIBRe, our reinsurance division
  • Captive administration on behalf of our larger clients through Mecacem SPC, our Segregated Portfolio Company
  • Six companies that provide insurance broking, reinsurance, captive management and risk management solutions to hundreds of clients across the Caribbean and the Americas. They are: CGM Gallagher Insurance Brokers Jamaica Limited, CGM Gallagher Insurance Brokers (Barbados) Limited (of which CGM Gallagher Insurance Brokers (Grenada) is a subsidiary), CGM Gallagher Insurance Brokers (St. Vincent) Limited, CGM Gallagher Insurance Brokers (St. Lucia) Limited, CaribRM, Mecacem SPC Limited, IIBRe a division of CGM Gallagher Insurance Brokers in Jamaica and Barbados
  • Offices in Jamaica, Barbados, Grenada, St. Vincent and St. Lucia; licenses in Grenada, Antigua, Anguilla and Dominica and correspondents in Aruba, Bonaire, Curaçao, Guyana, Suriname, Trinidad and Tobago, Haiti, and Puerto Rico
  • Facility Supervisor of the CCRIF. The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is the world’s first and only regional parametric insurance solution for governments. It provides catastrophe hurricane and earthquake coverage and was developed using expertise by CaribRM, our risk management division in partnership with the World Bank.
  • Industry Experience:
  • Government
  • Public Utilities
  • Agriculture and Agri-Processing
  • Construction
  • Tourism
  • Telecommunications
  • Energy
  • Marine
  • Aviation
  • Education

 

CGM Gallagher Group

1971 to present

The CGM Gallagher Group has solidified its position in the market by matching world-class risk management solutions with technical support via experienced insurance professionals.

The Beginning
In the Eastern Caribbean, CGM Insurance Brokers was the name of the insurance company which began in Barbados in 1980 out of the Willis Agency. CGM Gallagher began in Jamaica in 1971 as International Insurance Brokers Limited (IIB) evolving out of a partnership between the ICD Group, BNS and Hogg Robinson & Gardner Mountain Limited (Lloyds Brokers).

As IIB continued to grow and garner a favourable reputation among the Jamaican business community, the need in the market for a local company devoted to captive management and development became clear. In 1998, IIB launched Mecacem SPC Limited, its Segregated Portfolio Captive Company. Mecacem is domiciled in the Cayman Islands and has many active cells for CGM Gallagher clients under operation.

The Merger
In 2004, CGM Insurance Brokers, Barbados, and IIB Jamaica merged to create the CGM Group. The new CGM Group was designed to service regional accounts as well as to offer new services and access to resources to its existing client partners. The majority of the Group’s shares are held by the ICD Group and after the merger, for the first time, the company also counted its employees as shareholders. CGM also became distinct to its peers by its sole focus on commercial insurance segments where the company adds most value.

Growth
A year after the Barbados/Jamaica merger, the CGM Group established CGM Insurance Brokers St. Vincent Limited, which is now the largest brokerage in St. Vincent and the Grenadines. That same year, CGM established its first correspondence relationships in Central America. In 2006 CGM acquired GeoSY Limited, a risk management, modelling and actuarial business in Washington DC. The company was renamed Caribbean Risk Managers Ltd (CaribRM) and is the only service provider of its kind based in the region.

Partnership
The success of the expansion strategy (after the merger CGM Group revenue grew by over 150%, and the staff complement increased to 160) led to another partnership in 2007, where Arthur J. Gallagher, the world’s fourth largest broker, listed on the NYSE, partnered with the Group to create the CGM Gallagher Group. Soon after, CGM Gallagher established CGM Gallagher Insurance Brokers St. Lucia Limited, to better serve the commercial insurance needs of that island.

CGM Gallagher handles premiums in excess of US$120,000,000.

 
 
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