Marathon Insurance Brokers (MIB) is looking to go public by the end of 2026 as part of preparation to expanding into the region.

After more than three decades of operation, the company has announced plans to launch an initial public offering (IPO) by the “third or fourth quarter” of next year. Speaking with the Jamaica Observer this week, Chairman Richard Burgher confirmed the company’s intent to proceed with the listing despite global economic uncertainties — particularly concerns surrounding US tariffs, which he identified as a key challenge.

“We have an IPO in the works, scheduled for next year, somewhere between the third or fourth quarter. Notwithstanding current trade dynamics and other developments from globally powerful countries such as the US, we believe we will be able to secure good financial results and go through with this,” he told the Business Observer.

Addressing insurance professionals and other guests at the launch of the company’s new life division last week, Burgher underscored the importance of seizing opportunities that often arise during periods of crisis.

“It is with this in mind, that we remain confident in our growth strategy — and I can say with some confidence that our planned IPO for next year remains on track. We continue to believe that with our strong fundamentals and the talented team we have in place, Marathon is well-positioned to offer investors an exciting opportunity for growth and expansion,” he stated.

Currently in discussions with investment bankers, Marathon is working to determine the best time to launch its IPO. If successful, it will become the second or third insurance broker to be listed on the stock market in Jamaica. Burgher did not share how much capital the company intends to raise through the IPO, but outlined that it will be used to support the company’s plans for regional expansion, by accelerating the roll-out of its specialised digital system in select Caribbean markets. The estimated funding requirement for this initiative is approximately US$1 million.

“Expansion is not cheap and as such, financing becomes critical which is why we need to go to the public or otherwise turn to the bank or rely on shareholders to put up the capital. The expansion that we’re looking to undertake would be anywhere between US$1 million to facilitate our regional technical roll-out,” Burgher said.

Following significant upgrades to the system in 2019, its strength and efficiency, the chairman said, now makes it a one-of-a-kind solution in the market.

The system allows users to receive insurance quotes from all providers in the market and make direct purchasing decisions online. This, as it allows for comparison shopping for insurance premiums for any class of vehicle, including commercial, PPV, private or motorbikes.

“This type of technology does not exist anywhere else in the Caribbean and we’ve invested little under $2 million to build out its capabilities,” Burgher noted.

Previously focused on motor vehicle transactions, the platform is being expanded to include property, travel, and contents insurance. With the recent opening of its life division, MIB seeks to offer a full suite of insurance solutions for all market segments.

Accelerating its long-standing regional ambitions, the company has identified three specific Caribbean markets for its initial roll-out, though Burgher declined to name them.

“We are committed to the roll-out, provided there are no substantial changes in the economic landscape, which remains the biggest potential obstacle,” he said.

Looking ahead, the company is currently preparing for a leadership transition as CEO Levar Smith is groomed to become group president and CEO next year. Banking on the successes of these developments, Burgher expressed confidence in Smith’s ability to drive the company’s regional push.

“In assuming that role, one of his primary responsibilities is to take us regional and as a company we’re looking forward to that,” the chairman said.