JLT Brasil Holdings has purchased 75% of SCK, a Rio de Janeiro based employee benefits and insurance broking operation, for an undisclosed sum.
Founded in 1994, SCK concentrates on three main areas, including employee benefits, property & casualty and affinity, with three offices across Brazil.
Commenting on the transaction, JLT Brasil Holdings CEO Nicolau Daudt said that this acquisition positions its operations well for future growth in the region.
"Employee benefits remains a major focus for our strategic plans in Brazil and combining our JLT business with SCK will create an even stronger platform in the market.
"In addition SCK’s insurance broking operations will provide valuable relationships for our insurance operations and SCK’s affinity business will mean we can significantly accelerate the development of our existing affinity business," Daudt added.
SCK owner Sergio Clark stated that the deal will enable the company to serve its existing clients even better, while allowing it to capitalize on the growing opportunities in Brazil and the region where long-term growth prospects are supported by fundamental macro-economic trends.
In January this year, JLT Hong Kong acquired Lambert Brothers Holdings Limited (LBH), as part of efforts to grow its market presence across Asia.
In September 2013, JLT signed an agreement to acquire Towers Watson’s (TW) reinsurance brokerage business, in a cash transaction valued at approximately $250m.
JLT owns offices in 39 territories with some 9000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
Image: JLT Brasil acquires insurance broker SCK. Photo courtesy of: PinkBlue/FreeDigitalPhotos.net.