Caribbean Assurance Brokers Limited (CAB) continues to face challenges as it works to rebound from a difficult financial year. The company’s board, now dealing with another setback, has been prompted to begin the search for a new leader to fill a key executive role.

The recent and sudden departure of Sheraley Bridgeman — who had served as CEO for just over a year — is expected to further impact growth plans that were previously identified as central to the company’s strategic direction. Among the initiatives slated for roll-out are educational campaigns and bespoke digital solutions such as chatbot services, e-commerce platforms, and enhanced online experiences — all designed to drive customer interaction, accessibility, and innovation.

Bridgeman, whose resignation took effect on July 31, 2025, is said to have, during her tenure, provided committed leadership as the company navigated key phases of transformation and growth.

“We thank her for her contributions and the positive impact made during her time with CAB,” said founder and Chairman Raymond Walker, who has temporarily resumed CEO duties until a new successor is appointed.

For the second quarter ended June 30, 2025, CAB reported revenues of $150.6 million — a 13.6 per cent or $18-million increase over the same period last year. Net profit on the other hand also rebounded to total $4.8 million, marking a significant turnaround from the loss of $15.4 million reported for the comparative quarter of 2024.

“This relatively strong performance was primarily driven by Individual Life, which increased by 72 per cent, and gains in General Insurance, which surged by 202 per cent. These positive results were partially offset by a 22 per cent decline in Employee Benefits and a 67 per cent decrease in International Life and Health compared to the same period last year,” the directors said in a recently published shareholder’s report.

The company’s performance for the six-month period also reflected a strong recovery, with revenue reaching $264.8 million and profit rising to $6.5 million. Total assets as at June 30, 2025, stood at $1.227 billion — an increase of $105 million or 9.4 per cent year-on-year.

“Overall, the company’s performance reflected the result of our strategy of investment in sales capacity, infrastructure, and digital transformation. Profitability is showing signs of recovery and our financial position is relatively strong given our strong equity base,” the directors also said.

Incorporated two decades ago, CAB is a multi-line insurance brokerage offering a comprehensive range of services across life, health, and personal accident insurance, general insurance, international life and travel, employee benefits, and credit union-related products.

Following the resignation of Sheraley Bridgeman, founder and chairman Raymond Walker has temporarily resumed CEO duties until a more permanent replacement is found.