Jardine Lloyd Thompson (JLT) has established a new South Africa office to offer insurance buyers number of options to chose in the domestic market, and enhanced access to international markets.
The South African company will be majority owned by JLT and will include management and BEE partners as shareholders.
The establish of the a new company ends the 3 year partnership with South African partner Glenrand MIB.
The entry in to South Africa will provide clients with access to JLT industry specialisms in areas such as construction, natural resources, marine, financial risks, life sciences and telecommunications.
In addition, the new operation will also offer both facultative and treaty reinsurance capabilities.
JLT has operations in both Asia and South America. This new business will capitalize on the increasing trading between these markets and South Africa.
Andrew Chislett, former CEO of Glenrand MIB, will join in September and will become CEO of JLT’s South African operation as soon as his contractual restrictions permit.
JLT Group International chairman for Risk & Insurance and chairman of JLT in South Africa Mark Drummond – Brady said that we will be joined by Walter Cronje and Danny Buitendag, both of whom held senior management positions within Glenrand and Paul Turner who was head of Aon Benfield’s Facultative Reinsurance Practice in South Africa.
Subject to regulatory approval, JLT is anticipating opening its first office in Johannesburg in April 2011.