Three brokers in deal with JLT taking stakes in partners
Jardine Lloyd Thompson has expanded its International Network in Europe by linking with three European brokers and bought a 20% stake in one of them – the GrECo Group.
JLT has entered into an exclusive trading agreement with three of Europe's leading independent insurance brokers, SIACI Saint Honoré (S2H), GrECo Group (GrECo) and Ecclesia Gruppe (Ecclesia).
The 20% shareholding in GrECo, cost €17.6m payable on completion together with the transfer to GrECo of JLT's Polish operations (valued at €650,000).Ecclesia already has a 13.3 % shareholding in GrECo. In addition, JLT continues to hold its longstanding 20% shareholding in S2H.
European market
JLT said: “This is an important development to build out the JLT International Network in Continental Europe and former CIS countries.
“The trading agreement encompasses compatible branding and mutual development of all insurance, reinsurance and employee benefits activities, including shared technology, for the benefit of clients across all industry sectors.
“These sectors include, but are not limited to, construction, energy, financial services, healthcare, communications technology, life sciences, transportation and aviation.
Collaboration
Dominic Burke, CEO, said: "We see this as a very important and exciting development for JLT and the JLT International Network. This new collaboration between JLT, SIACI Saint Honoré, Ecclesia and GrECo goes beyond just referring international business to each other.
“It means a commitment to working together to utilise our respective industry specialist skills to the benefit of our existing and prospective clients".
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