Jardine Lloyd Thompson Group has received Chinese approval to start operations as an insurance and reinsurance broker across China through its new majority owned joint venture with Guangdong Ricsson Enterprises Co Ltd. (Ricsson).
The venture, to be named JLT Lixin Insurance Brokers Co Ltd, will be headquartered in Guangzhou, the capital of Guangdong province in southern China.
JLT and Ricsson will have 51% and 49% shares, respectively, in the joint venture and operations will commence immediately.
The new company will focus on large commercial risks and will provide a full range of insurance and reinsurance broking and risk management services.
Jardine Lloyd's executive director John Hastings-Bass, said: "This is an important long-term development for JLT in one of the key world markets and it has added a critical component to our worldwide service capability.
"The new operation's immediate focus will be on overseas investors and major infrastructure projects."
Shares in JLT have fallen 7% on the week to date. They are currently trading at 353.50p.
