Business

Caribbean Assurance Brokers signs Mayberry as financal advisor

Wednesday, September 20, 2017

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Caribbean Assurance Brokers Ltd (CAB) has retained the services of investment bank Mayberry Investments Ltd.

In a deal signed earlier this week, Mayberry will act as the company's financial advisor.

CAB began operations in November 2005 as a retail broker for life, health and personal accident insurance business. The company now provides access to all major world insurance and reinsurance markets.

In 2006 the company began the marketing and placement of its International Comprehensive Health Insurance programme, which is now insured 100 per cent by Lloyd's of London, through its administrator, International Medical Group.

According to a release from the company, the business currently has the largest international health insurance portfolio in Jamaica and has assisted clients in securing medical claims payout in excess of US$20 million over the past 10 years.

Gary Peart, CEO of Mayberry, speaking on working with the team at CAB said, “This is yet another relationship that shows that whilst we have an established reputation for helping small and medium-sized companies grow, we possess the expertise to advance mature, well-established companies as well. We look forward to working with the team at Caribbean Assurance Brokers to determine the best path for growth for their business.”

Chairman and CEO Raymond Walker, speaking on the prospects for growing the business, said, “I am excited about the opportunities for regional expansion as we finalise negotiations with prospective partners to facilitate our thrust throughout the Eastern Caribbean and beyond.”

CAB is considered one of the largest brokers of managed employee benefits portfolios. According to the company, it has been consistently ranked among the top three highest-producing brokers for employee benefits and individual life insurance for Sagicor and Guardian Life.

CAB started out with a staff complement of 11 and now has 100 employees. As a multi-line insurance brokerage, CAB now offers the full range of insurance products, including: general insurance, employee insurance, individual insurance, international insurance, and local medical insurance plans for credit union members.

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