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JLT takes majority stake in CRP

27 January 2017 16:10

Jardine Lloyd Thompson Group has acquired a 50.1% stake in Construction Risk Partners, a construction risk and surety specialty insurance broker in the US, for $50m, subject to the achievement of performance conditions in the 12 month period following completion.

The terms of the transaction allow JLT to increase its shareholding to 100% over time.

JLT group chief executive Dominic Burke said: "Our partnership with Construction Risk Partners puts us in a strong position in one of the world's most attractive construction growth markets.

"JLT is already one of the world's leading construction risk brokers and advisers, and this important partnership further strengthens our global capabilities and will provide a significant complement to our growing US specialty business, which we launched in 2014.

"The specialty focus and 'client-first' philosophy that JLT and CRP share together create a compelling proposition for our construction clients in the United States and around the world."

At 4:10pm: (LON:JLT) Jardine Lloyd Thompson Group PLC share price was +2.5p at 1033.5p

Story provided by StockMarketWire.com

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