Spectrum Brokers Acquires Progressive's Portfolio
Spectrum Insurance brokers has acquired the portfolio of Progressive Insurance Brokers, effective today, January 1, 2017, according to public advisories to clients.
"Your insurance and claims-related matters will be handled by the team from Progressive to which you are accustomed at Spectrum's office, 71/2 Haining Road, Kingston 5," said the notice.
Progressive Insurance Brokers operated out of Unit 15A at 2 Seymour Avenue, Kingston. Company records indicate that since 2002 Progressive has been headed by Gabriel Alexander. Contacted for comment, Alexander declined comment, saying that he was busy making final arrangements for the transfer.
"We're tied up now finalising certain issues," Alexander said.
"We'd rather not have much publicity about this. It's really between us and our customers," he continued.
Records show that Progressive Insurance Brokers is owned by Alexander as a minority shareholder with two companies SERAMCO Limited and Number Forty Limited owing the largest chunk of shares equally, 4.8 million each.
SERAMCO is in turn owned a company whose listed address is 21 East Street Kingston. This is the listed address of major law firm Myers Fletcher & Gordon. Number Forty Limited has listed owners as Anna Young of 21 East Street Kingston along with JAYS Inc of British Virgin Islands and FOUR with registered offices in St Lucia.
There was no indication of the cost of the acquisition, but industry insiders indicate that the major shareholders have been trying to sell the Progressive portfolio for some time.
Sunday Business contacted Spectrum Insurance Brokers, but chairman Ambassador Donald Rainford was reportedly unavailable for comment.