Global players sign up to JLT International Network
THREE leading European brokers have signed an exclusive trading agreement with JLT in the latest expansion of its international network.
Siaci Saint Honore, GrECo Group and Ecclesia Group have joined the JLT International Network, entering into an agreement encompassing compatible branding and the mutual development of all insurance, reinsurance and employee benefits activities, for example shared technology.
And JLT has underlined its commitment to the project by taking a 20% stake in GrECo, subject to regulatory approval, resulting in GrECo’s operations outside of Switzerland rebranded to GrECo JLT. Ecclesia already holds a 13.3% shareholding in GrECo.
The managing director of JLT International Network, Rory MacLeay, told Insurance Day: “These are exclusive trading arrangements which sit at the very heart of the JLT International Network. It‘s a new distribution channel for our wholesale, reinsurance and specialty areas.”
He added: “We have a number of exclusive trading arrangements in South Africa and the Middle East, and [the latest moves] plug a relative gap in our global coverage.”
And while the latest additions have grown JLT’s global presence, MacLeay explained there was scope for further expansion: “We will certainly be looking to extend these exclusive trading agreements. Having said that, we have no plans yet – there’s nothing on the horizon.”
The chief executive of JLT, Dominic Burke, called the developments “very important and exciting”, adding: “This new collaboration...goes beyond just referring international business to each other. It means a commitment to working together to utilise our respective industry specialist skills to the benefit of our existing and prospective clients.”
The agreement will allow GrECo to expand its reach from eastern Europe to around the world, the company’s chief executive, Friedrich Neubrand, said, while Ralf Geck von Kaenel, chief executive of the Ecclesia commercial group, called the deal “a real milestone”, adding: “Finally we are really global and can provide our clients with the best solutions and know-how around the globe.”
JLT has also completed the insurance placement for the New Karolinska Solna University Hospital project.
One of the first and largest public private partnership deals in Scandinavia, the project’s insurance coverage will provide protection for construction and operational risks. The scale of the project required a great deal of work and innovation, said Louise Mercer, a partner in JLT’s London construction team: “The size of the project required one of the largest stand alone construction terrorism placements that we are aware of. It was placed partly in Sweden and partly in the London insurance market demonstrating the ability of the insurance market to collaborate in delivering solutions for major projects.” The hospital is expected to take seven years to build, and will cost almost €1.5bn.
