JLT has acquired International Risk Consultants (IRC), a US-based specialist trade credit and political risk broker.
Based in Columbus, Ohio, IRC operates across the US, Brazil, China and Hong Kong, providing trade credit, single and multi-buyer and political risk insurance.
The firm’s various departments are now part of JLT’s credit, political and security (CPS) risk practices and have rebranded to JLT Specialty US, JLT Specialty Asia and JLT Specialty Brazil.
In a statement, JLT says the two companies “share a strong strategic and cultural fit as specialist brokers” and that they already work together serving a number of JLT’s global CPS clients.
According to Mike Rice, executive chairman of JLT Specialty US, the transaction forms part of JLT’s strategy to grow its specialist business and products and building a global reach.
“The combination of our existing international CPS business in Europe, MEA and Asia, with IRC’s strength in the US, 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,” adds Nick Robson CEO of JLT Specialty’s CPS division.
Also commenting on the acquisition, Ed Yauch, president and CEO of IRC, says the broker “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 specialised expertise we will continue to deliver customised solutions for our clients,” he says.