JLT & CRP Establish USA Partnership
JLT AND CONSTRUCTION RISK PARTNERS ESTABLISH PARTNERSHIP IN THE USA
By Al Marquis
January 27, 2017
Jardine Lloyd Thompson Group plc (JLT), one of the world's leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services, has acquired a majority stake in Construction Risk Partners LLC (CRP), a construction risk and surety specialty insurance broker in the U.S.
Highly regarded in the industry, CRP counts many of North America’s largest contractors as clients and acts as the broker of choice for over 150 construction clients.
The partnership means added scale, specialist construction capability and market presence for JLT Specialty USA, in line with the Group’s strategy to build out its U.S. Specialty business. CRP provides JLT with a platform to accelerate the expansion of its construction business, adding deep capability in the substantial and growing North American market to JLT’s global specialty strength in construction. CRP will have access to JLT’s global resources to support its continued expansion across the U.S. and introduce JLT’s wider specialist insurance products to its clients.
JLT and CRP share a strong strategic and cultural fit as specialist brokers and already work closely together serving a number of JLT’s global construction clients. CRP’s product specialties align with JLT’s global construction capabilities, which have enabled JLT to become the broker to many of the world’s contractors and largest construction projects.
CRP has a strong and experienced management team, all of whom will remain with the business, which will trade as Construction Risk Partners, a JLT Group company.
Dominic Burke, JLT Group Chief Executive Officer, said: “Our partnership with Construction Risk Partners puts us in a strong position in one of the world’s most attractive construction growth markets. JLT is already one of the world’s leading construction risk brokers and advisors, and this important partnership further strengthens our global capabilities and will provide a significant complement to our growing U.S. Specialty business which we launched in 2014.”
Mike Rice, CEO of JLT Specialty USA, said: “CRP and JLT share a profound commitment to specialty expertise and to putting the client first. That's a compelling proposition for our clients, in the US and globally, who have helped both JLT and CRP gain significant market share in recent years. Our partnership is a major milestone in the JLT Specialty USA growth story, establishing a leading position in a market that matters for construction clients around the world.”
Al Marquis, Partner, Construction Risk Partners, said: “At CRP, our clients have a trusted partner with a reputation for unparalleled expertise and insight. At JLT, its clients have access to the rigour and advocacy only one of the world’s largest construction specialists can offer. We are looking forward to working in partnership to build an exciting future together.”
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Notes to editors:
About Jardine Lloyd Thompson
Jardine Lloyd Thompson is one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 40 territories with more than 10,600 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
For further information about JLT, please visit our website www.jlt.com.
About JLT Specialty USA
JLT Specialty USA is the U.S. platform of the leading specialty business advisory firm, Jardine Lloyd Thompson Group. Our experts have deep industry and product experience serving leading U.S. and global firms. Our key to client success is our freedom to be creative, collaborative, and analytical while challenging conventions, redefining problems, creating new analytical insights, and exploring new boundaries to deliver solutions for each client’s unique business and risks.