NU Online News Service, May 1, 2:40 p.m. EDT

Kansas City, Mo.-based insurance broker Lockton says it has acquired the minority stake in its operations outside the United States held by Trident III, L.P., an investment fund managed by Stone Point Capital LLC of Greenwich, Conn.

The privately held insurance broker says Stone Point Capital and the Trident fund provided financial and strategic support to Lockton when it acquired the international operations of Alexander Forbes in 2006.

Terms of the transaction were not disclosed.

Lockton Chairman David Lockton says the agreement completes an important phase in Lockton's growth.

“Stone Point Capital has been a valuable partner in building Lockton's global client capabilities,” he says in a statement. “Their support has been outstanding, and we look forward to accelerating our growth in the next stage of our development.”

Lockton President and Chief Executive Officer John Lumelleau adds, “Consolidated ownership allows us to integrate all of our operations globally, so we can focus on our three key constituencies: our clients, our associates, and our communities.”

Founded in 1966 Lockton says it has more than 4,100 professionals providing more than 15,000 clients around the world with insurance, benefits, and risk management services.

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Lockton Acquires its Minority Stake in Foreign Operations

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