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Jardine Lloyd Thompson Group P.L.C. on Friday said it has acquired a 50.1% stake in Construction Risk Partners L.L.C., a U.S. construction risk and surety specialty insurance broker, in a $50 million cash deal.
Branchburg, New Jersey-based CRP has many of North America’s largest contractors as clients and is the broker of choice for more than 150 construction clients, said London-based JLT in its statement.
JLT said in its statement the partnership provides added scale, specialist construction capability and market presence for its U.S. unit, JLT Specialty Insurance Services Inc.
The statement said CRP’s management team will remain with the business, which will trade as Construction Risk Partners, a JLT Group company.
JLT said the purchase price is subject to the achievement of performance conditions in the 12-month period following the deal’s completion. Its terms also allow JLT to increase its ownership of the firm to 100% over time.
It said CRP’s preliminary financial statements reflect gross assets at completion of $12.2 million, and its adjusted profit before tax was $6.9 million for the year ended Dec. 31. JLT said the acquisition, which will be consolidated with JLT’s results, will be financed from JLT’s existing cash and debt facilities.
JLT is the world’s fifth-largest insurance broker, according to Business Insurance’s latest ranking.
U.K.-based insurer Jardine Lloyd Thompson Group P.L.C. said its risk and insurance businesses delivered a "resilient" performance in the period between July to Nov. 7, despite insurance and reinsurance pricing pressures, Reuters reports. The company also said that its energy and marine divisions continued to feeling the pinch from declining commodity prices and reduced activity, while its aviation and construction units performed well. JLT said it would increase investment spending by £6 million ($7.4 million) in 2016.