LONDON, Jan. 21 Lockton, the world's largest privately held broker, has obtained a significant equity holding in South Korean insurance broker IMI with options to purchase an increased shareholding. IMI has been renamed Lockton Companies (Korea) Inc (Lockton Korea).
Lockton and IMI have served risk management clients together since IMI's creation in June 1995. In addition to its broad commercial insurance expertise, Lockton Korea has developed domestic specialties in credit, professions, financial institutions and construction.
Lockton International Chief Executive Officer Julian James said: "We are taking the opportunity not only to realize the investment potential in a well-performing retail business in Korea, but also to properly align this business with other parts of the Lockton global office network. These offices are backed by a wealth of insurance and reinsurance experts serving clients in nearly every country in the world."
Lockton Korea Managing Director Jinse Han said: "Since our establishment in 1995, IMI has strived to be a truly independent and value driven intermediary on behalf of our clients, a key value I believe our Associates share with Lockton, which provides us with the additional benefits of being an international broker. We are pleased to introduce the Lockton culture to our organization and to have the opportunity to deliver real service and value to our clients and the Korean market. We have a great opportunity to develop a facultative and treaty account to support our current retail business."
Notes to editors:
Lockton is the largest independent, privately owned, global insurance broker and employs more than 3,800 people. Lockton delivers services throughout the world to businesses of all sizes, as well as individual clients. Since its founding in 1966, Lockton has grown to become the tenth largest insurance broker in the world.
Lockton's international insurance business (including Lockton Companies International Limited) provides insurance and reinsurance broking, risk and insurance programme management and consulting, alternative risk finance, claims management and insurance products and services. Lockton International is a partner in EOS RISQ, Europe's leading insurance broking and risk management consultancy. Lockton Companies International Limited is authorised and regulated by the Financial Services Authority.
For more information on Lockton and its insurance and risk services, please visit the website at www.lockton.com or www.lockton.com/international