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Member, Beacon International Group, Ltd.
Lockton Companies L.L.P. and First Equity Risk Management Services (Pty) Ltd. announced Wednesday that they intend to form a new South African joint venture company called Lockton First Equity to provide commercial insurance brokerage services in South Africa.
According to a statement issued by Kansas City, Mo.-based Lockton, the venture will service Lockton's 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," said Lockton. The joint venture company will be registered in South Africa and will have directors from both Lockton and First Equity serving on its board.
"First Equity Risk Management will be an outstanding partner with us in servicing our clients' accounts in South Africa and we very much look forward to growing the relationship between our two firms," said Julian James, CEO of Lockton's international operations, in the statement.
"We are delighted to be recognized by the Lockton group in this manner," said Seamus Casserly, founding member of First Equity Risk Management Services. "We believe we have exciting growth opportunities for our mutual clients as we share our local risk management and insurance expertise."
First Equity Risk Management Services is a privately owned insurance broker with its head office in Johannesburg, South Africa, and other offices in Nelspruit and Durban.
Terms of the agreement were not announced.