JLT opens for business in China

Asia

A Chinese joint venture between UK based insurance broker Jardine Lloyd Thompson and Guangdong Ricsson Enterprises opened for business in late November. The two partners received approval for the joint venture, JLT Lixin Insurance Brokers, from the China Insurance Regulatory Commission in May of this year. The company, which will be headquartered in Guangzhou, will operate as an insurance and reinsurance broker across China. JLT and Ricsson will have 51% and 49% shares, respectively, in the joint venture. The new company will focus on large commercial risks. John Hastings-Bass, executive director of Jardine Lloyd Thompson Group and chairman of JLT Asia Pacific said in May that the new operation’s immediate focus would be on overseas investors and major infrastructure projects. Ricsson is a communications technology company.