Arthur Gallagher, a company engaged in providing insurance brokerage, risk management and related services, has acquired a 38.5% equity interest in CGM Group, headquartered in Kingston, Jamaica.

CGM Group 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.

Patrick Gallagher, chairman, president and CEO of Arthur Gallagher, 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.