ITASCA, Ill., Dec. 14 /PRNewswire-FirstCall/ -- Arthur J. Gallagher & Co.
today announced that it has acquired a 38.5% equity interest in CGM Group
Limited, headquartered in Kingston, Jamaica. Terms of the transaction were
not disclosed.
With roots going back to 1971, CGM Group Ltd (CGM) 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, Ltd.
J. Patrick Gallagher, Jr., Chairman, President and CEO, 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."
Matthew Pragnell, the CEO of CGM Group, commented about the deal: "CGM has
made huge progress in creating a recognized regional brand throughout the
Caribbean. A partnership with Gallagher now gives us an enhanced trading
platform. What is also attractive for us in the deal is that Gallagher's
other interests in the region do not conflict with ours, and that our future
interests and ambitions for the Caribbean are completely aligned."
Arthur J. Gallagher & Co., an international insurance brokerage and risk
management services firm, is headquartered in Itasca, Illinois, has operations
in seven countries and does business in more than 100 countries around the
world through a network of correspondent brokers and consultants. Gallagher
is traded on the New York Stock Exchange under the symbol AJG.
SOURCE Arthur J. Gallagher
-0- 12/14/2007
/CONTACT: Marsha J. Akin, Investor Relations of Arthur J. Gallagher,
+1-630-773-3800/
/Web site: http://www.ajg.com /
(AJG)
CO: Arthur J. Gallagher; CGM Group Limited
ST: Illinois, Jamaica
IN: INS FIN
SU: TNM
BL-SA
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4680 12/14/2007 11:04 EST http://www.prnewswire.com