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Daily Insurance Industry News
Monday 15th of October 2018
January 24, 2011

JLT’s South African venture aims for market leadership

by Gill Montia

Story link: JLT’s South African venture aims for market leadership

Jardine Lloyd Thompson (JLT) is forming a new South African company.

The firm says it wants to increase choice in the domestic market, enhance access to international markets, and sharpen competition in a broking industry undergoing consolidation.

Clients will be able to benefit from JLT industry specialisms in areas such as construction, natural resources, marine, financial risks, life sciences and telecommunications.

In addition, the new operation will offer both facultative and treaty reinsurance capabilities.

According to the broker, its entry into the South African market underlines its belief in the country’s growth potential, both domestically and as a hub for the African continent.

The new venture marks the end of JLT’s partnership with Glenrand MIB, although former Glenrand chief executive officer, Andrew Chislett, is joining in September to head the new operation, along with three colleagues.

Paul Turner, who was head of Aon Benfield’s facultative reinsurance practice in South Africa, is also coming on board.

JLT’s international chairman for risk & insurance and chairman of JLT in South Africa, Mark Drummond-Brady, comments: ”We aim to become a market leader in South Africa … we have already received very positive feedback from potential clients and insurance companies who have strongly encouraged us to establish a presence in the region.”

Subject to regulatory approval, JLT is anticipating opening its first office in Johannesburg in April 2011.

 

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