JLT prepares for post-Brexit world with acquisition in Belgium
Jardine Lloyd Thompson Group (JLT) has bought a specialist broker based in Belgium in a move partly designed to ensure its European clients continue to have easy access to its London Market expertise and capacity post-Brexit.
The re/insurance broker has acquired specialty broker Belgibo, a Belgian specialist broker with expertise in marine, credit and political risks, aviation, cargo, employee benefits, logistics, construction and professional services, from EXMAR Group. Some 66 Belgibo executives will join the JLT Group.
The company said the acquisition expands and strengthens its presence in Europe, provides a platform in Belgium, complementing its existing Benelux operations, and also ensures its clients in the region have easy access to the London market post-Brexit.
While JLT has other operations in Europe to facilitate business post-Brexit, this new addition to its portfolio will help the Brexit transition further.
JLT’s European presence comprises owned businesses across Northern Europe and Ireland, joint ventures and branded associates in 17 countries to the South and East of the region.
Paul Knowles, CEO of JLT Europe, said: "This acquisition will further strengthen our presence in Europe, creating a business of size and relevance, alongside our current operations in the Netherlands. It also provides us with a significant platform in the Benelux region, providing us with momentum to continue to gain significant market share across the specialty markets in which we both operate.
"Belgibo shares a strong cultural alignment to JLT with its client-first approach and specialty-led proposition. Their areas of expertise are aligned to JLT Specialty’s core divisions of marine, credit & political risk, cargo and aviation. Belgibo and JLT have enjoyed a close trading relationship and very much look forward to working even closer in the future."
Pierre Derom, CEO of Belgibo, commented: "Belgibo has built up a strong reputation within the insurance market, and our partnership with JLT will help us to further grow and strengthen our business alongside a trusted and like-minded partner as well as give us - and importantly our clients - access to JLT’s global capabilities."
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