JLT invests in Dubai-based broker

Jardine Lloyd Thompson Group (JLT) has invested in a significant shareholding in Insure Direct (Brokers), a Dubai-based insurance broker and employee benefits advisor.

As part of the transaction, JLT will also enter into a long term strategic partnership with Istithmar World, the investment arm of Dubai World. Insure Direct's operations in Dubai, Bahrain and Qatar will be rebranded in due course.

The company said the investment provides it with a platform that will accelerate its strategy of building its international reach and relevance in a region where it predicts growing demand for its expertise in areas such as construction, infrastructure, telecoms, agribusiness, aviation, healthcare, employee benefits, energy and marine.

Kenneth Maw, president and CEO of Insure Direct, said: “This partnership will allow us to serve our existing clients even better as there is an excellent cultural and commercial alignment between the two businesses. Since its launch in 2000, Insure Direct has implemented a market-sensitive business development strategy that delivers innovative, cost-effective services to its client base.

“Like JLT, we take a client-first approach to business, which has earned us enduring relationships with local and international insurers and a large database of clients.”

Peregrine Towneley, divisional managing director, JLT Specialty MENA said: “This deal is the latest step in JLT's strategy of expanding its specialty-based international reach as well as providing local and regionally headquartered businesses with a world class choice of insurance adviser.

“It also shows our commitment to a region in which insurance penetration and awareness is growing and where capital is increasingly being attracted.  The UAE also provides a strategic gateway for investment into North and East Africa and positions JLT well for future growth in the region.”