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Following the recent resignation of its chief executive officer, Caribbean Assurance Brokers Limited has decided not to fill the vacant position until early 2026.
Chairman Raymond Walker said the company is in sensitive negotiations with partners overseas regarding the launch of new insurance products and therefore would not replace Sheraley Bridgeman, until after January next year.
The company’s new international insurance products are also scheduled to be launched in January 2026, he said.
Bridgeman left the company on July 31. She served as CEO for a year and seven months.
“During her tenure, Ms Bridgeman provided committed leadership as the company navigated key phases of transformation and growth,” the brokerage said in a market filing.
Walker has assumed the responsibilities of CEO in the interim until a new candidate for the post is identified. He said the decision to delay filling the position was taken by board.
“For some time now, Sheraley had indicated that she wanted to pursue new opportunities without being definitive as to what those opportunities involved. In the best interest of the organisation and all concerned, we decided to honour her contract … and focus instead on what needs to be done for the rest of the year,” Walker said in an interview with the Financial Gleaner.
The insurance services company registered net profit of $6.4 million for the first six months of 2025, marking a sharp turnaround from the prior year’s losses.
Speaking at last month’s annual general meeting, director Barrington Whyte described 2024 as a tough year for the insurance brokerage, in which it racked up losses of $98 million. He said the poor performance was expected as the company had invested heavily in technology and human resources in order to reap rewards in the future.
Walker reiterated that the increased investment was part of the company’s three-year strategic plan to revolutionise the organisation.
“We wanted to ensure that we had in place the type of mechanism to ensure that people can just simply go online and purchase insurance, and not just here in Jamaica, but throughout the region,” he said.
“We spent a lot in terms of improving and enhancing our technology infrastructure. We embarked on a massive drive to recruit new sales representatives, and as a result of that, we had to open up a branch in New Kingston.”
Walker said the company’s Chief Operating Officer Donna Brown would continue to focus on digitising the organisation.
Meanwhile in an exchange of messages with the Financial Gleaner, Bridgeman declined to comment on her next steps.
Prior to her stint at Caribbean Assurance, Bridgeman worked at Guardian General Insurance for 12 years, and at Gallagher Insurance before that.
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