Risk solutions specialist Jardine Lloyd Thompson has launched a joint venture to place specially tailored risk transfer business into the US market.

The deal is with New York-based private investment bank the Blackstone Group, which manages funds of £7.7bn.

Together they have set up Capital Risk Group, a US-based company whose subsidiary CRG LLC will design and offer bespoke risk transfer and financing programmes for multinational companies.

British-owned JLT has taken an 80% stake in CRG, and will provide support from its risk solutions operations.

The remaining 20% goes to an arms-length investment fund managed by the Blackstone Group.

Both business partners expect CRG to obtain business from its parent firms' existing relationships and with insurance brokers in the US.

Peter Peterson, chairman of the Blackstone Group, is to become non-executive chairman of CRG, and Steve McGill, a director of Jardine Lloyd Thompson and chief executive of its risk solutions business becomes CRG's chief executive.

James Hutchin, formerly chief executive of IRMG risk advisory and captive management services, is appointed president of Capital Risk LLC.