Jardine Lloyd Thompson Group plc said it has acquired a majority stake in Construction Risk Partners LLC, a U.S.-based construction risk and surety specialty insurance broker.
Financial terms were not disclosed.
The deal is meant to give a boost to JLT Specialty USA. Adding CRP gives it more scale, specialist construction capability and market presence, and helps fulfill JLT’s goal of expanding its U.S. Specialty business (launched in 2014), the deal announcement noted. JLT also frames the arrangement as making sense because both companies are specialist brokers and have already worked together in the past to handle a number of JLT’s global construction clients.
On CRP’s side, the deal gives it access to JLT’s global resources, which will help it continue to expand across the U.S. and bring JLT’s wider specialist insurance products to its clients, JLT said.
JLT Group CEO Dominic Burke said in prepared remarks that the partnership deal with CRP “puts us in a strong position in one of the world’s most attractive construction markets.”
Source: JLT Group