JLT acquires marine broker Eikos Risk Applications

Re/insurance broker Jardine Lloyd Thompson (JLT) has announced it has agreed to acquire 100 percent of the shares of Eikos Risk Applications (ERA) from Eikos Holdings, part of the Eikos Group.

ERA provides specialist marine, transportation and logistics risk consulting and broking services within the cargo, liability and credit insurance space to corporate SA. They also handle a significant book of pleasure craft and small commercial vessels. The business consists of three core divisions in freight, cargo and hull and employs 40 staff in offices in Durban, Cape Town and Johannesburg.

Andrew Chislett, JLT Middle East and Africa’s regional chief executive, said: “This acquisition confirms the scale and momentum we have in JLT South Africa. ERA’s strategy and culture are a great fit with our own focus on delivering products and services tailored to the client’s needs, in contrast to a trend towards commoditisation in our sector. Their focus on excellent client service has attracted some of the leading marine insurance practitioners in the country. I’m particularly pleased that this sound business fit is matched by a good geographic fit, accelerating our strategy of building JLT’s presence in Durban.”

Hugh Reimers, managing director of ERA, said: “The team here is excited by the fantastic opportunity joining JLT represents for us and for our clients – JLT is a company we know and respect, not least for sharing our own dedication to putting the client first, with specialist expert advice and tailored risk solutions. Combining our South African operations creates a business of scale and substance in South Africa, and provides a platform from which we can promote our speciality into Southern Africa and indeed further afield.”