Acquisition of Park Bermuda for $11.8m will create largest broker on the island
Jardine Lloyd Thompson (JLT) has announced the acquisition of Park (Bermuda) Ltd which will be combined with JLT's existing Bermuda broking operation and will trade as JLT Park.
JLT Park will become the largest broker in Bermuda. The combined business will have approximately forty staff and expects to place in excess of $400m of premium in the Bermuda market each year.
The issued share capital of Park is being acquired by JLT Risk Solutions (Bermuda) from the Park Group for a maximum cash consideration of $11.8m, of which $8.85m is an initial payment with the balance of the consideration based on future performance.
Paul Scope, chairman and CEO of the Park Group and Mark Simons, managing director of Park (Bermuda) Ltd, will join the board and executive management team of JLT Park. John English, the current chairman and CEO of JLT Risk Solutions (Bermuda) will continue in this role for the newly combined operation, while Paul Scope will become president.
Commenting on the announcement John English said: "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. The merged operation will have unparalleled strength and depth in Property & Casualty and Financial & Professional lines."
John Lloyd, of Jardine Lloyd Thompson Group said "JLT has been a longstanding supporter of the Bermuda market and this investment underscores our commitment to remain the wholesale broker of choice in Bermuda."
