UK-based Jardine Lloyd Thompson Group (JLT) has further strengthened its US specialty business with the acquisition of International Risk Consultants (IRC).
IRC is a US specialist trade credit and political risk broker.
Founded in 1987 in Columbus, Ohio, IRC has been offering trade credit insurance, political risk Insurance and related trade finance solutions.
Over the years, the company has expanded not only in the US, but in other countries including Brazil, China, Hong Kong and India.
The acquisition creates a capability which integrates IRC’s credit and political risk specialty expertise with JLT’s global credit, political and security (CPS) risk resources.
JLT Specialty CPS Division CEO Nick Robson said: “JLT’s CPS practice and the IRC team are committed to helping our clients secure growth and deliver results wherever they trade and invest.
“The combination of our existing leading international CPS business in Europe, Middle East and Africa (MEA) and Asia, with IRC’s strength in the USA, Asia and Brazil will create the world’s leading CPS practice, delivering marketing leading international risk and insurance expertise with local service on a global basis.”
The two companies already work together serving several of JLT’s global CPS clients. JLT stated that IRC’s product specialties align with its global CPS risk capabilities.
IRC president and CEO Ed Yauch said: “IRC has found a home within JLT. This seems like a natural next step as we have known some of their principals and partners for over twenty years.
“This acquisition magnifies our global capabilities and accelerates our growth opportunities with large corporates and global financial institutions alike. We are excited to join JLT, and with their global framework and specialized expertise we will continue to deliver customized solutions for our clients.”
JLT, recently reported its year end results for 2017. The company stated that its revenues increased from £1.26bn in 2016 to £1.38bn in 2017.
Its trading profit for last year was £213m, compared to £193.7m for 2016. And, its profit after taxation and non-controlling interests for last year was £126.7m, compared to 2016’s £110.9m.
Image: JLT acquires American credit risk broker International Risk Consultants. Photo: Courtesy of Jardine Lloyd Thompson Group plc.