NU Online News Service, July 20, 12:48 p.m. EDT
Kansas City, Mo.-based insurance broker Lockton said it has taken a key shareholding interest in Perth, Australia-based insurance broker Australian Reliance. Terms of the deal were not released.
"This investment formalizes a relationship which has developed during the past several years," Tim Higgins, executive vice president of Lockton Companies, said in a statement. "There is much we share in terms of values, culture and business models, and we see this relationship as a natural fit with our commitment to provide superior results to our clients everywhere in the world."
According to a spokesman for the firm, Lockton took a 10 percent equity stake in Australian Reliance.
A spokesman for Australia Reliance said by e-mail that the firm has 50 staff in three offices with its headquarters in Perth, and additional offices in Sydney and Melbourne, Australia.
The deal will give Australian Reliance access to global insurance markets through Lockton in London, Singapore, Dubai and Bermuda, Lockton said.
Lockton is a privately held firm with more than 3,800 associates in 46 offices in the United States, Europe, Asia and South America.
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