Caribbean Assurance Brokers Limited (CAB) has appointed insurance veteran Sheraley Bridgemen as its new CEO, relieving Chairman Raymond Walker of the dual role he has been playing since April 2023.

Bridgeman, who has spent the last 30 years climbing the corporate ladder in the insurance industry, officially took office at CAB on January 3.

She replaces Tania Waldron-Gooden, who, during her brief tenure with the company, restructured the finance department, carried out strategic promotions, hunted talent and placed CAB in a position to take advantage of opportunities.

CAB’s latest plans include the acquisition of a local insurance business in addition to expanding its services to at least four new English-speaking countries in the region, starting with initial prospects in Trinidad & Tobago, Guyana and Barbados.

The company plans to operate as wholesalers and establish firm strategic alliances with the entities as the retailers, using digital channels, all initiatives that are expected to be high on Bridgeman’s list of priorities.

Ahead of her appointment, Bridgeman last sat in the role of vice-president of business development and marketing at Guardian General Insurance Jamaica Limited. She also worked as property and casualty manager at CGM Gallagher before being promoted to vice-president of business development.

CAB has spent the past year actively recruiting candidates for senior positions in the nearly 20-year-old company, following the resignation of Tamika Becky, human resource and administration manager, on October 25, 2023.

Her resignation was followed by that of Heather Muirhead-Brown, general insurance manager, and then Shanique Thompson, chief financial officer, on November 15, 2023.

Amid the resignations, CAB appointed corporate attorney and chartered insurer Donna Brown to the position of chief operating officer, effective October 1, 2023. She was previously employed at Sagicor Life Insurance for 15 years, with her last role being assistant manager.

On November 1, 2023, Saffron Fletcher also joined the team at CAB in the position of compliance, risk and data protection manager effective November 1, 2023. She has under her belt eight years as a claims superintendent and attorney at JN General Insurance.

The management changes come at a time when CAB is working to regain a solid footing in the insurance business.

Its year-end results are not yet out, but results published by the company for the nine months up to September 30, 2023, showed that CAB made a profit of $56 million, a 47 per cent decline when compared to the comparative period of 2022. The company blamed the dip in performance on commission adjustments to the International Comprehensive Health Insurance Programme (ICHIP) which is a programme designed to enhance CAB’s sustainability.

“In effect, there has been a 40 per cent reduction in the programme’s renewal commission rate,” Walker explained in the preamble to financial statements.

He, however, added that there has been a corresponding 40 per cent increase in CAB’s new business rate, with the expressed intention of incentivising the production and consistent growth of new business.

“Therefore, while the initial result in the short run is a 40 per cent reduction in the ICHIP’s commission; significant and consistent growth in new business is anticipated, due to the corresponding 40 per cent increase in new business commission,” he said.

“The overall impact of these changes is a more robust, resilient, and sustainable ICHIP. Notwithstanding the economic climate, the company, based on market demands, continues to innovate and to develop additional products and services designed to enhance customer satisfaction and retention,” Walker continued.