JLT has announced its latest Australian acquisition as it looks to further develop its business.
The major brokerage has acquired Brisbane-based specialist valuations firms AssetVal. The business provides valuation services across property, plant, equipment and infrastructure for financial reporting, accounting, compliance and insurance needs.
Led by Phillip Holzberger, AssetVal traces its history back over 175 years and previously traded as Rushton Valuers until 2009.
Over that time, the business has grown into one of Australia’s largest specialist valuation services and has completed more than 1,500 projects for local, state, and federal government over the past two decades alongside work in the private sector.
Paul Johnson, head of JLT Risk Consulting, said that the move will benefit the JLT business across both Australia and New Zealand as the firm looks to become a force in the specialist valuations market.
“We are excited to integrate the two complementary businesses, both of which have experienced strong growth, focused on servicing the complex valuation requirements of a diverse range of clients throughout Australia and New Zealand,” Johnson said.
Holzberger said that the integration into the JLT business will allow AssetVal to continue its growth across the region.
The move comes amidst a wave of consolidation in the Australian insurance industry.
The end of 2016 saw a number of major deals with Arthur J Gallagher announcing
a pair of deals
, Tokio Marine taking a stake in underwriting agency eSentry
and Centrepoint Alliance
selling its premium funding arm to Bank of Queensland.
CBL completes $150m acquisition
Yamaha Motor creates new insurance division