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Member, Beacon International Group, Ltd.
ST. JAMES, Barbados—Captive manager Towner Management Group L.L.C. has sold its Barbados-based operations to Jardine Lloyd Thompson Group P.L.C. and entered into a joint venture with JLT in connection with its Burlington, Vt.-based U.S. operations.
Terms of the transaction were not disclosed.
In a statement, Towner Management said the U.S. joint venture will combine its growing U.S. presence and access to Central and South American markets with JLT’s global reach.
The organization will be rebranded as JLT Towner in the U.S. and Barbados, maintaining its Caribbean headquarters in Barbados and its U.S. headquarters in Burlington.
The Towner management teams will remain in place in both operations with Christopher J.N. Towner retaining an interest in the group’s U.S. activities and continuing as chairman of JLT Towner (Barbados). Ricardo O. Knight will lead the Barbados operations as president and Guy Ragosta will continue to run U.S. operations as CEO with principals Leonard D. Crouse and Thomas P. Stokes remaining in their present capacities.