Jardine Lloyd Thompson said it has acquired Park (Bermuda) Ltd. which will be combined with JLT's existing Bermuda insurance brokerage operation and be renamed JLT Park.
JLT said it is acquiring the firm for $11.8 million. There is an initial payment of $8.85 million with the balance to be paid based on future performance.
The combined business will have approximately forty staff and expects to place in excess of $400 million of premium in the Bermuda market each year, the London-based broker said.
Bermuda-based Park has been located on the island since 1989. The Park Group is member of SunTx Capital Partners, a Dallas-based private equity investment firm.
A spokesman for JLT said the acquisition does not involve any other parts of Park's offices in the United States, Canada or the reinsurance offices of AVRECO.
Paul Scope, chairman and chief executive officer of the Park Group and Mark Simons, managing director of Park (Bermuda) Ltd, will join the board and executive management team of JLT Park. Mr. Scope will no longer be a member of SunTx's Park Group, the spokesman said.
John English, the current chairman and CEO of JLT Risk Solutions (Bermuda) Limited will continue in this role for the newly combined operation. Mr. Scope will become president.
“The combination of these two businesses creates the largest insurance broker in Bermuda, dedicated to servicing the needs of independent regional and national brokers who seek access to the Bermudian market,” said Mr. English in a statement.
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