The AR arrangement aims to create ‘a truly Caribbean-owned Lloyd’s entity’ that maintains ‘a Caribbean identity’
Caribbean Risk Group (CRG), a US Virgin Islands-based insurance agency, launched a new broking operation in London last week (February 2023) to “represent a differentiated offering to the Caribbean market”.
The new London arm, CRG International, is an appointed representative (AR) of Lloyd’s broker Ramon International Insurance Brokers.
CRG International is majority owned by the partners of Caribbean Risk Group, “creating a truly Caribbean-owned Lloyd’s entity offering a unique selling point to the region”, the firm explained.
Joe Brugos, president of CRG and chief executive of CRG International, said: “We are delighted to have established our presence in London and to have Ramon as our partners.
“We believe through our Lloyd’s entity we represent a differentiated offering to the Caribbean market as we seek to widen our services to clients in the region.”
’A natural symbiosis’
Brugos continued: “We see many London brokers owning operations in the Caribbean, but what we do not see is Caribbean brokers owning operations in London.
“Key to the success of closing this deal was Ramon sharing the vision of CRG that the London operation should maintain a Caribbean identity.”
Lee Ellis, chief strategy officer at Ramon International Insurance Brokers and chairman of CRG International, added: “CRG is an important strategic partner to Ramon and a vital component to our aspirations in the region.
“There is a natural symbiosis between our businesses and an obvious ability to create value for each other. This is a true partnership built upon the solid foundation of a trusted relationship.
“I am delighted we have been able to conclude this deal.”
CRG brokes business and personal policies, as well as charter and private pleasure yachts insurance.
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