The financial details of the transaction were not disclosed, but JLT said LBH adds to its Asia and Hong Kong marine, employee benefits and corporate business capabilities.
LBH has been an independent insurance and employee benefits broker since leaving the Heath Lambert Group in 2007 with over 40 insurance professionals.
Duncan Howorth, chief executive, JLT Asia, said: “There is a strong cultural and commercial alignment between the two businesses with clear opportunities to exploit our specialty strengths. We aim to grow our Hong Kong operations whilst aligning our specialties to opportunities across the region as well.”
Mike Haynes, managing director of LBH will join the board of JLT’s Hong Kong business as deputy chairman. Nick Cousins, managing director of JLT Hong Kong will run the combined business with immediate effect and the LBH teams will integrate with JLT’s existing Hong Kong business operations.
Haynes said: “We see this as a significant opportunity for our clients to benefit from access to JLT’s unrivalled specialty capabilities and international platform and for our employees to have every opportunity to develop and fulfil their career aspirations within JLT.”
London Stock Exchange listed-JLT counts itself among largest providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services.
JLT Asia has approximately 1,500 staff and is present in 12 locations namely China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Macau, Philippines, Singapore, Taiwan, Thailand and Vietnam.
