Jardine Lloyd Thompson (JLT), one of the world's leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services, has announced that it has agreed to acquire 100% of the shares of Eikos Risk Applications (ERA) from Eikos Holdings (Pty) Ltd part of the Eikos Group.
ERA provides specialist marine, transportation and logistics risk consulting and broking services within the cargo, liability and credit insurance space to corporate SA. They also handle a significant book of pleasure craft and small commercial vessels.
The business consists of three core divisions in Freight, Cargo and Hull and employs 40 staff in offices in Durban, Cape Town and Johannesburg.
ERA’s founders established what is now the Eikos Group in 1999. The team has built a strong reputation within the South African insurance and freight industry as a unique risk services provider and is now considered one of the leaders in the market.
Through the combination of alternative risk transfer structures and their marine specialty expertise, they have gone beyond supplying products to helping their clients drive their commercial performance.
Andrew Chislett, JLT Middle East and Africa’s regional Chief Executive, said: "This acquisition confirms the scale and momentum we have in JLT South Africa. ERA’s strategy and culture are a great fit with our own focus on delivering products and services tailored to the client’s needs, in contrast to a trend towards commoditisation in our sector.
"Their focus on excellent client service has attracted some of the leading marine insurance practitioners in the country. I’m particularly pleased that this sound business fit is matched by a good geographic fit, accelerating our strategy of building JLT’s presence in Durban."
Hugh Reimers, MD of ERA, said: "The team here is excited by the fantastic opportunity joining JLT represents for us and for our clients – JLT is a company we know and respect, not least for sharing our own dedication to putting the client first, with specialist expert advice and tailored risk solutions. Combining our South African operations creates a business of scale and substance in South Africa, and provides a platform from which we can promote our speciality into Southern Africa and indeed further afield."