JLT appoints new South African chief as it prepares to go it alone
Jardine Lloyd Thompson Group has this morning announced the formation of a new South African company.
The company will be majority owned by JLT and will include management and BEE partners as shareholders.
The new launch ends JLT's three-year partnership with Glenrand MIB in South Africa, following their expected takeover by a competitor.
JLT said it was convinved of the growth potential of South Africa both domestically and as a hub for the African continent.
It will target areas such as construction, natural resources, marine, financial risks, life sciences and telecommunications. The new operation will also offer both facultative and treaty reinsurance capabilities.
JLT added that its new South African business will capitalise on the increasing trading between its existing presence in Asia and South America.
Andrew Chislett, former chief executive of Glenrand MIB, will join JLT in September and will become chief executive of JLT's South African operation.
Mark Drummond-Brady, JLT Group's international chairman for risk &iInsurance and chairman of JLT in South Africa, said: "We are delighted to have secured Andrew’s commitment to lead our new operation, once he has fulfilled his contractual commitments to Glenrand MIB.
"We are also pleased to announce that we will be joined by Walter Cronje and Danny Buitendag, both of whom held senior management positions within Glenrand and Paul Turner who was head of Aon Benfield’s Facultative Reinsurance Practice in South Africa.
"All four are currently completing their notice periods and will join as soon as these have been completed."
JLT expects its first office top open in Johannesburg in April 2011, subject to regulatory approval.
''[JLT] aims to become a market leader in South Africa," he added.