NEW YORK–Marsh, the world’s leading insurance broker and risk adviser, and Construction Risk Partners (CRP), a leading specialty broker dedicated to the US construction industry, today announced that they have entered an agreement whereby CRP management will buy back the company’s stock from JLT Specialty USA. Terms of the transaction were not disclosed.
Effective immediately, CRP will operate as an independent construction risk and surety specialty insurance broker and maintain its headquarters in Branchburg, New Jersey.
“At CRP, our clients have a trusted partner with a reputation for unparalleled expertise and insight. We have great respect for JLT and Marsh, but we look forward to building an exciting future as an independent specialty construction broker,” said Joe Charczenko, Partner.
Jardine Lloyd Thompson plc (JLT) purchased a 50.1% stake in CRP in January 2017. Marsh & McLennan Companies, Inc. (NYSE:MMC) completed the acquisition of JLT in April 2019.
Rob McDonough, US Construction Practice Leader, Marsh JLT Specialty, added: “Marsh will continue to serve construction clients through the more than 600 construction experts across the US who provide advice, risk transfer solutions, and claims advocacy to more than 2,000 contractors and subcontractors.”
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue over US$15 billion and 75,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading firms: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.
Construction Risk Partners is a leading specialty broker dedicated to the construction industry with over 90 employees and six offices throughout the country. They are uniquely qualified to understand the complex dynamics of today’s construction environment and have built a nimble, passionate, and highly qualified team that can address their clients’ most complex challenges. For more information please visit http://constructionriskpartners.com and follow CRP on LinkedIn.
Courtesy of -(BUSINESS WIRE)-