The Caribbean insurance broker provides property/casualty, and employee benefits products and services to private, public, and multinational companies
Arthur J. Gallagher & Co. (Gallagher) has acquired a 60% stake in Risk Management Services (RMS), a Caribbean insurance broker, for an undisclosed price.
Risk Management Services is based in Port of Spain, Trinidad and Tobago. It was established in 1978 as a subsidiary of the Neal & Massy Group with an objective to address the insurance and risk management requirements of its assembly, transport, retail, and financial business interests.
Since its founding, the company is said to have grown by making various alliances in insurance broking and also in the area of business and risk management consulting.
Currently, Risk Management Services is claimed to be among the top three brokers in Trinidad and Tobago.
Products and services offered by the Caribbean insurance broker
The Caribbean insurance broker provides property/casualty, and employee benefits products and services to private, public, and multinational firms in the oil and energy, manufacturing, and service industries. Since 1990, the company is claimed to have been the broker to the government of Trinidad and Tobago.
The company also has operations across Jamaica, Barbados, Guyana, and the Eastern Caribbean.
Gallagher said that Christian Low, the director of the Caribbean insurance broker, and his team will continue to work from their current location. They will work under Matthew Pragnell, who is the group CEO of Gallagher in the Caribbean.
Gallagher chairman, president and CEO Patrick Gallagher, Jr. said: “Our Caribbean brokerage operations have worked on regional accounts with RMS since the mid-’90s.
“We have been very impressed with their integrity, knowledge of the business and high-quality service, and we are delighted to further solidify that partnership.”
Based in Illinois, Gallagher is a multinational insurance brokerage, risk management and consulting services firm.
Recently, the company acquired a minority stake in Malaysian broker SP&G Insurance Brokers. The Malaysian insurance broker is said to specialise in giving coverages for the aviation market apart from offering its expertise and insurance solutions for property and casualty, engineering, marine, and other risks.