Insurance broker Lockton Inc., Kansas City, Mo., said it will expand its operations internationally and acquire the London-based brokerage business of Alexander Forbes Limited for $170 million.
John L. Lumelleau, Lockton's chief executive officer, said the all-cash transaction is another step for the company that views itself as an alternative to larger global insurance brokers. The deal is expected to be completed by the end of October of this year.
Currently, Lockton has 14 locations throughout the United States in all the major cities. With the announcement of this acquisition, it now “has a global platform to make the kind of investments that will allow us to extend our base to our clients around the world and deliver our high level of service,” he said.
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