Insurance broker Arthur J. Gallagher & Co said it has acquired Intermountain Financial Benefits of Salt Lake City, Utah, and become a major shareholder in CGM Group, headquartered in Kingston, Jamaica.

The acquisition was the third in two weeks for the Itasca, Ill.-based firm. Terms of both the Jamaica and Utah transactions were not released.

Intermountain Financial, founded in 1995, is an employee benefits insurance broker offering a broad range of employee benefits insurance and consulting services. The firm specializes in group life, accident, health, dental, retirement, long- and short-term disability, and cafeteria plans, said AJG.

David Ayre, the Intermountain principal, and his 10 associates will continue to operate at their current location under the direction of Norbert Chung, western regional executive vice president of Gallagher Benefit Services Inc., a subsidiary of AJG.

AJG said it has taken a 38.5 percent equity interest in CGM Group.

Established in 2004, the insurance brokerage firm traces its roots back to 1971 with the creation of International Insurance Brokers (IIB) in Jamaica. CGM Group was formed after the merger of IIB and CGM Insurance Brokers Ltd., Barbados.

CGM is an insurance broker and risk management company providing property-casualty, health, risk management, reinsurance and modeling services to clients throughout the Caribbean. According to the company's Web site, the firm handles combined premium of over $80 million.

Matthew Pragnell, chief executive officer of CGM, and his associates, totalling more than 100, will continue to operate from offices in Jamaica, Barbados, St. Vincent and St. Lucia under the name CGM Gallagher Group, Ltd.

In a statement, J. Patrick Gallagher, chairman, president and CEO of Gallagher, said the relationship with CGM would broaden Gallagher's international presence and offer an increased access to product and services in the Caribbean.

Earlier this week, Gallagher said it is acquiring wholesale insurance broker Robert A. Schneider Agency Inc. headquartered in Minnetonka, Minn. Last week, the firm announced the acquisition of the insurance agency Powell Insurance Agency Inc. in Metairie, La.

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