CGM Gallagher Insurance Brokers St. Lucia Limited is a member of the CGM Gallagher Group (CGMG), one of the oldest and largest insurance intermediaries in the Caribbean.  As brokers, the Group handles in excess of US$ 150,000,000 in premiums annually. CGMG has offices in Jamaica, Barbados, St. Vincent St Lucia and St. Kitts and Nevis. In addition, the Group is licensed in Antigua, Anguilla and Dominica. In order to service our Caribbean and Central American Footprint, we have correspondents in Aruba, Bonaire, Curacao, Haiti, Guyana, Suriname and Trinidad and Tobago.

CGMG was first established in Jamaica as International Insurance Brokers (IIB) as a partnership between the ICD Group, Bank of Nova Scotia and Hogg Robinson & Gardner Mountain Ltd. (Lloyds Brokers). The original Eastern Caribbean Company (CGM Insurance Brokers Barbados Ltd) was established in 1980 from the Willis Agency in Barbados.

In 1998 IIB established Mecacem SPC Limited, our Segregated Portfolio Captive Company which is domiciled in Cayman Islands.   It has many active Cells for CGMG clients.

In 2004 IIB acquired majority ownership of CGM Barbados. The ownership of the new group remained majority held by ICD, but now included staff as shareholders.  These two brokers (Jamaica and Barbados) were the leaders in their respective territories. They were then merged into the CGM Group with the mandate of serving domestic and regional clients.

In 2005 CGMG acquired CGM St Vincent. This is now the largest brokerage in St Vincent and the Grenadines.  In the same year we established our first correspondent relationships in Central America (Panama and El Salvador).

In 2006 CGM acquired GeoSy Limited, a risk management, modeling and actuarial business in Washington DC.  The company was renamed Caribbean Risk Managers Ltd. (CaribRM) and is the only such service provider in the region.

In 2007 Arthur J. Gallagher & Co (AJG) purchased 38.5% of the CGM Group and the entity was renamed the CGM Gallagher Group Limited.

In 2008 CGM Gallagher St Lucia was incorporated and the Grenada office was opened in 2009 as a branch of CGM Gallagher Barbados. In 2011, CGM Gallagher was incorporated in St. Kitts and Nevis.

In 2012 Arthur J Gallagherbecame official shareholders with an 80% stake in CGM Gallagher Group.

• Market Position
  
  
• Clients – The emphasis of CGMG customer base is on commercial business.  This positioning follows our belief that it is in this area that we best add value to our clients’ risk management needs. We also emphasize our ability to service the regional and Caricom customers, backed by the physical presence we have across the region.  Our customers now include such regional Groups as Digicel, Courts/Unicomer, SOL, Almond Group. In addition we now manage 7 Utility Companies, 3 Regional Airports, 2 Sea Ports and we are the regional leaders in the Hotel/Hospitality sector.
  
  
• World Bank - In 2007 CGM was appointed as the Managers for the World Bank Caribbean Catastrophe Risk Insurance facility (CCRIF). This followed our earlier tendering and winning of the Feasibility Study for CCRIF. This work included alternative risk transfer studies for the facility, reinsurance analysis, actuarial analysis, direct negotiations with prospective member governments and assistance in generating donor funds. By early 2007 CCRIF achieved donor capital support which now exceeds US$50,000,000 and CGM was instrumental in signing 16 sovereign nations across the region. This is the first regional, multi territorial parametric insurer ever created. The model is now being used for Central and South Pacific governments and CaribRM has continued to support the World Bank on these initiatives.
  
  
• Partners – Concurrent with the growth of CGM, the company attracted the attention of many of the top wholesale brokers internationally. The single territories of the region do not garner major traction in the international insurance and reinsurance markets but collectively they do. With CGM’s successful regional growth, the company attracted major international partners. Over the years CGM has been correspondents for Aon Benfield, Willis, Arthur J. Gallagher, (3 of the 4 largest intermediaries in the world) plus notable appointments from Lloyd & Partners, Cooper Gay, Lonmar and other Lloyd’s Brokers.
  
  In 2007, The CGM Board agreed the sale of 38.5% of the Group to the Arthur J. Gallagher & Co (AJG). AJG is among the top 4 largest brokers in the world with over 10,000 employees. AJG is headquartered in Chicago and is quoted on the NYSE. AJG’s London operation as a Lloyd’s broker has annual commission revenues exceeding
  
  US$ 300,000,000.  Our shareholding partnership with AJG has allowed us greater access to international markets for the benefit of our client partners.
  
  In 2012, AJG became the official shareholders as they increased their holdings in CGMG, from 38 to 80 per cent.
  
  
• Reach and Size – As traditional brokers, CGMG has full access to the domestic, regional and international markets. Our reinsurance arm – IIBRe, was the first such regional reinsurance broker. IIBRe has full access to the key European and North American markets which we access directly for our clients.  With the AJG global network CGMG now has the capability and resources to better service our commercial clients everywhere.

• Core Competencies
  
  
  • Commercial Risk transfer – as mentioned earlier, CGMG’s specialty is for commercial enterprise seeking to transfer risk to insurers in all classes, Property, Business Interruption, Construction/Erection, Aviation and Marine, Livestock and Bloodstock, Engineering, Liability and Miscellaneous Lines.
    
    
  • Risk Management - CaribRM is the only such company in the Caribbean offering real time modeling, vulnerability and hazard mapping and other risk management solutions. (See World Bank above). This is in contrast to the major US modeling providers with closed stochastic based models other brokers/underwriters use under license. The Caribbean model we helped to create for CCRIF has performed very well in contrast to other commercially available ones. Our models are detailed to be client specific, thereby rendering higher PML resolution for the customer. In addition, CaribRM provides our Captive customers with full Dynamic Financial Analysis and Actuarial Analysis of claims reserves, pricing and risk retention.
    
    
  • Reinsurance – IIBRe is the first such reinsurance intermediary in the Caribbean and handle extensive treaty and facultative placements into the international marketplace. Clients include all our Captives, Caribbean insurers and international underwriters. CGMG through IIBRe is a Coverholder for a Binding Authority for Liability and Bloodstock with certain Lloyd’s Syndicates. This allows IIBRe to underwrite and handle claims for these underwriters.
    
    
  • Captive Management - CGMG now manages 8 Captive vehicles. We have extensive regional experience, working with Captive insurers domiciled in Cayman, Bermuda, St Lucia and Turks and Caicos. Through our association with AJG, we additionally have access to the resources of ARTEX, the global AJG Captive Management Company.
    
    
  • Life and Benefits – CGMG are one of the main brokers operating in Group Life and Group Health in the region. We have offices in Jamaica and Barbados. We also provide overseas medical products and self-insured plans.
  • Professional Indemnity Insurance
    
    Unlike several of our local and Caribbean competitors the CGM Gallagher Group carries Professional Liability Insurance well in excess of the Limit prescribed by the regulatory authorities.  Our Professional Liability cover is placed with A-rated Lloyd’s security in the international markets for a limit of US$20,000,000.

• Our People – We have over 160 employees across the region with 70% having client interfacing responsibilities. Many of our brokers and account managers have been with the Group in excess of 15 years and hold professional qualifications from the Chartered Insurance Institute (ACII) in London and CPCU/CIP equivalent in the USA and Canada. Our processes are driven by the latest technology and account handlers are equipped to serve clients efficiently and are also accessible 24/7.
  
  The CGM Gallagher team has developed the expertise required to handle complex and/or large commercial and industrial risks across the public and private sectors. Our claims team is experienced in handling all types of claims for property and liability cover. In addition and through IIBRe our reinsurance division, we are renowned for designing and placing facultative programmes for several major entities. Our claims team is widely respected by the international markets for their skill in negotiating and facilitating settlement of large and complex claims.

• Why CGM Gallagher – CGMG is a trusted business partner who puts clients interest first. Whilst we may not have some of the critical mass of the North American and European broking houses we can respond with World Class Risk Transfer and Risk Management Solutions through our proven technical resources and still remain nimble and flexible. Furthermore, with the AJG partnership we are able to leverage global markets and relationships for the benefit of our local and regional customers.

• The Future – We are on a growth path with ambitions to expand to Central America. We already have significant customer presence in Nicaragua, Honduras, El Salvador, Guatemala and Panama.  Concurrent with this CGMG is committed to further rolling out in the English speaking Caribbean and we are now in negotiation with Dutch, French and Spanish territories to further expand our direct reach.