Arthur J. Gallagher & Co. Increases Equity Interest In CGM Gallagher Group Limited
PR Newswire Association LLC
ITASCA, Ill., May 10, 2012 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced that it has increased its equity interest in CGM Gallagher Group Limited from 38.5% to 80%. Terms of the transaction were not disclosed.
CGM Gallagher Group Limited (CGMG) is an insurance intermediary and risk management company that provides property, casualty, health, risk management, reinsurance and risk modeling services to clients throughout the Caribbean. Matthew Pragnell, CEO of CGMG, and his associates will continue to lead this operation from its headquarters in Kingston, Jamaica. CGMG also has offices in Barbados, St. Vincent, St. Lucia and Grenada and is licensed to operate in Antigua, Anguilla and Dominica, with correspondents in Guyana, Suriname, Trinidad and Tobago, the ABC Island and Puerto Rico.
"We began this partnership in December 2007, and since then CGMG's spectrum of high-quality services and significant Caribbean presence have become a valued component of Gallagher's international operations," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We are pleased to expand our ownership interest in such an outstanding organization as we continue to successfully grow our footprint in this region."
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, has operations in 17 countries and offers client-service capabilities in more than 110 countries around the world through a network of correspondent brokers and consultants.