JMMB Insurance Brokers (JMMB IB), the insurance brokerage subsidiary of financial institution JMMB Group, today announced its acquisition of the portfolio of City Insurance Brokers Limited. The move is aligned with the Group’s strategy of continued diversification and growth in its business lines, both locally and regionally, as well as expansion into new markets. The acquisition of the portfolio became effective on February 14, 2011.

JMMB IB Managing Director, Mrs. Cecile Cooper.

The procurement was a prudent and strategic option for JMMB, as City boasts a strong corporate portfolio, and a team of well-versed insurance professionals with over 35 years of combined experience.  In a brief statement, Mrs. Cecile Cooper, Managing Director for JMMB IB, expressed enthusiasm on behalf of her team, and iterated “the depth of City’s corporate portfolio will complement our existing insurance client base, which is primarily retail, as we continue to expand our Insurance business line.”

According to Debbie Plummer-Reid, who continues as General Manager for the corporate arm of the business, the newly forged relationship augurs well for our clientele.  “We are excited to be joining forces with such a solid company, known for its strong reputation for excellent client care.  We are excited at being afforded the opportunity to expand our reach, and by the prospect of a seamless transition.  Our valued clients can be assured of our continued commitment to exceeding their service expectations.”

For the first half of the financial year, JMMB Insurance Brokers reported positive trends in the growth of its portfolio and attendant revenues, with a 57% increase over the prior year.  This increase was attributed to the structured implementation and growth of its General Insurance line by 132% over the prior period. In addition, the insurance brokerage added two new products to its suite, namely Smart Choice Home Insurance, which is a bundling of special benefits in coverage for clients, and Smart Biz, an innovative commercial insurance product that bundles several covers under one package for an affordable flat premium.

The acquisition announcement follows yesterday’s release of JMMB’s unaudited third quarter consolidated financial statements for the period ended December 31, 2010, reporting net profits of J$854.3 million, continuing quarter-on-quarter growth.