Global brokerage giant Jardine Lloyd Thompson Group (JLT) has acquired a 50.1% stake in US broker Construction Risk Partners (CRP) for US$50 million (£39.7 million).
Highly regarded in the industry, CRP is a construction risk and surety specialty insurance broker that serves many of North America’s largest contractors. Following the latest deal, the CRP management team will remain with the business, which will trade as a JLT Group company.
Under the terms of the transaction, JLT will be allowed to increase its shareholding to 100% over time. The acquisition of CRP is seen to add scale, specialist construction capability and market presence for the London-headquartered broker’s US operations.
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Meanwhile, CRP will have access to JLT’s global resources to support its continued expansion across the US and introduce JLT’s wider specialist insurance products to its clients.
“Our partnership with Construction Risk Partners puts us in a strong position in one of the world’s most attractive construction growth markets,” said JLT Group CEO Dominic Burke.
“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,” he added.
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