ICD Groups Shrinks Holdings in CGM Gallagher
International insurance broker Arthur J. Gallagher & Company has increased its ownership share in CGM Gallagher Group Limited (CGMG)
Arthur J. Gallagher International said it purchased an additional 41.5 per cent stake in the company from partner the ICD Group, upping its stake to a majority 80 per cent.
ICG Group retains the other 20 per cent.
“When the opportunity arose to become the majority shareholder in CGM Gallagher, we did not hesitate. The Caribbean is a buoyant market, one in which we wish to strengthen our presence, and further investment in CGM Gallagher gives us the ideal platform from which to build additional relationships in the region,” said David Ross, chief executive officer of Arthur J. Gallagher International, in a press release. Read More.