UK-based insurance and reinsurance firm Jardine Lloyd Thompson has acquired Park (Bermuda) Ltd to create the largest independent broker in Bermuda.
Park (Bermuda) Ltd will be combined with Jardine Lloyd Thompson’s (JLT) existing Bermuda broking operation and will trade as JLT Park. The combined business will have approximately 40 staff and expects to place in excess of $400 million of premiums in the Bermuda market each year.
Park is one of the leading independent insurance brokers in Bermuda and has been in operation since 1989. The issued share capital of Park is being acquired by JLT Risk Solutions (Bermuda) Limited from the Park Group, a portfolio company of SunTx Capital Partners, for a maximum cash consideration of $11.8 million, of which $8.85 million is an initial payment, with the balance based on future performance.
Paul Scope, chairman and CEO of the Park Group, and Mark Simons, managing director of Park (Bermuda) Ltd, will join the board and executive management team of JLT Park. John English, the current chairman and CEO of JLT Risk Solutions (Bermuda) Limited will continue in this role for the newly-combined operation, while Paul Scope will become president.
The combination of these two businesses creates the largest insurance broker in Bermuda, dedicated to servicing the needs of independent regional and national brokers who seek access to the Bermudian market. The merged operation will have unparalleled strength and depth in property & casualty and financial & professional lines, Mr English commented.