Lockton, one of the largest insurance brokers, has bought the minority stake in its operations outside the US managed by Trident III, an investment fund held by Stone Point Capital of Greenwich, Connecticut.
Stone Point Capital and the Trident fund have been offering financial and tactical support to Lockton since 2006, when the underwriter adviser acquired the international operations of Alexander Forbes in the same year.
The amount of the transitions and stake purchased along with other details has not been disclosed by the firms.
Lockton chairman David Lockton said the agreement completes an important phase in Lockton’s growth.
"Stone Point Capital has been a valuable partner in building Lockton’s global client capabilities," Lockton added.
Lockton president and CEO John Lumelleau said consolidated ownership allows the firm to integrate all of their operations globally, so the firm can focus on their three key constituencies, including their clients, Associates, and communities.
Perella Weinberg Partners provide consultation to Lockton in the transaction, while Evercore Partners advised Stone Point Capital.
Lockton offers insurance, benefits, and risk management services to more than 15,000 clients across the globe.