JLT acquires majority stake in US specialty broker

Re/insurance brokerage Jardine Lloyd Thompson (JLT) has acquired a majority stake in Construction Risk Partners (CRP), a construction risk and surety specialty insurance broker in the US.

Following the acquisition, CRP's management team will remain with the business that will trade as a JLT Group company.

The partnership means added scale, specialist construction capability and market presence for JLT Specialty USA, in line with the group’s strategy to build out its US specialty business.

Dominic Burke, JLT Group CEO, said: "Our partnership with Construction Risk Partners puts us in a strong position in one of the world’s most attractive construction growth markets.

"JLT is already one of the world’s leading construction risk brokers and advisors, and this important partnership further strengthens our global capabilities and will provide a significant complement to our growing US Specialty business which we launched in 2014."

Mike Rice, CEO of JLT Specialty USA, said: "CRP and JLT share a profound commitment to specialty expertise and to putting the client first. That's a compelling proposition for our clients, in the US and globally, who have helped both JLT and CRP gain significant market share in recent years. Our partnership is a major milestone in the JLT Specialty USA growth story, establishing a leading position in a market that matters for construction clients around the world."

Al Marquis, partner at CRP, added: "At CRP, our clients have a trusted partner with a reputation for unparalleled expertise and insight. At JLT, its clients have access to the rigour and advocacy only one of the world’s largest construction specialists can offer. We are looking forward to working in partnership to build an exciting future together."

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