Insurance broker Lockton and First Equity Risk Management Services have revealed their intention to form a new joint venture company, Lockton First Equity to provide commercial insurance brokerage services in South Africa.

According to insurance broker, the venture will service its retail insurance brokerage clients in South Africa.

Lockton First Equity will also seek to combine Lockton’s and First Equity’s respective reputations and commercial capabilities to generate new business in South Africa.

The joint venture company will be registered in South Africa and will have directors from both Lockton and First Equity on its board.

First Equity Risk Management Services is a privately owned insurance broker with its head office in Johannesburg and other offices in Nelspruit and Durban, which will focuses on corporate and commercial insurance clients.

Terms of the agreement were not announced.