NU Online News Service, July 20, 12:48 p.m.EDT

Kansas City, Mo.-based insurance broker Lockton said it hastaken a key shareholding interest in Perth, Australia-basedinsurance broker Australian Reliance. Terms of the deal were notreleased.

"This investment formalizes a relationship which has developedduring the past several years," Tim Higgins, executive vicepresident of Lockton Companies, said in a statement. "There is muchwe share in terms of values, culture and business models, and wesee this relationship as a natural fit with our commitment toprovide superior results to our clients everywhere in theworld."

According to a spokesman for the firm, Lockton took a 10 percentequity stake in Australian Reliance.

A spokesman for Australia Reliance said by e-mail that the firmhas 50 staff in three offices with its headquarters in Perth, andadditional offices in Sydney and Melbourne, Australia.

The deal will give Australian Reliance access to globalinsurance markets through Lockton in London, Singapore, Dubai andBermuda, Lockton said.

Lockton is a privately held firm with more than 3,800 associatesin 46 offices in the United States, Europe, Asia and SouthAmerica.