Jardine Lloyd Thompson Group plc, a specialist insurance and reinsurance broker, bought up a U.S. competitor that specializes in political risk.
Neither JLT or its acquisition target, International Risk Consultants, are disclosing financial terms.
What JLT is getting: IRC is based in Columbus, Ohio, and operates in the U.S., Brazil, China and Hong Kong with a focus on trade credit, single-and-multi-buyer and political risk insurance. JLT said this focus will blend well with its global credit, political and security risk expertise.
What’s more, both JLT and IRC already work together serving a number of JLT’s global credit, political and security risk clients.
Mike Rice, executive chairman of JLT Specialty Risk U.S., said in prepared remarks that the deal “is consistent with the key pillars of JLT’s strategy: focusing and growing in specialist industry and product areas and building its global reach.”
Ed Yauch, president and CEO of International Risk Consultants, called the acquisition a “natural next step” for his company as it seeks to grow and further its global reach.
“This acquisition magnifies our global capabilities and accelerates our growth opportunities with large corporates and global financial institutions alike,” Yauch said in prepared remarks.
IRC companies are now rebranded JLT Specialty USA CPS practice, JLT Asia CPS practice and JLT Brazil CPS practice.