Cayman-based Briat Insurance acquired by global broker Gallagher
Global insurance broker arthur J Gallagher & Company recently acquired briat Insurance limited, another brokerage firm based in Grand Cayman.
Though the details of the transaction were not disclosed, Gallagher, in pushing its aggressive mergers and acquisitions (M&A) strategy, said that the latest acquisition aligns well with its mission of offering world-class risk management solutions in the Caribbean.
Gallagher and Briat clients in the Grand Cayman are expected to benefit from a combined and increased focus on global technology that provides accessible insurance coverage and solutions delivered through experienced local professionals.
“It’s a really exciting time for Briat — our clients will work with the same team of people, our associates will operate with the same culture and mission, and everyone will experience the same level of service we have provided for years,” said Clive Dawson, managing director of Briat.
“Briat has been a part of the Gallagher Global Network for nearly a decade and we know the power and advantage of its global resources, data and technology to serve clients — it’s almost like we’re coming back home,’’ he added.
The Gallagher Global Network (GGN) is a retail network of Gallagher-owned and minority-owned offices, coupled with key partner brokers around the world. Partners are selected for their knowledge and expertise, strong local market reputation and quality of service. The current management team at Brait is to remain in place under the leadership of Matthew Pragnell, chief executive officer (CEO) of Gallagher Caribbean Group.
“Gallagher has had captive operations and client relationships in the Cayman Islands for years, and a key part of our mission is to grow locally with people and organisations like Briat that share our common values of community support, quality client service and a culture of integrity.
“We know Briat well, and its strengths in larger commercial accounts, professional lines and high net worth homes across Grand Cayman and will deepen our expertise in the local business community, Pragnell commented.
Established in 2012, Briat is a retail insurance broker offering commercial, professional, homeowner and health insurance coverage to businesses and individuals in the Cayman Islands. The entity is regulated by the Cayman Islands Monetary Authority (CIMA).