South Africa to Welcome JLT Insurance

January 25 - In a nod to the future potential of South Africa's insurance industry, Jardine Lloyd Thompson (JLT) Group announced yesterday that it would be forming a new company to enter the local market.

The South African based company will provide local consumers with competitive insurance policies with access to international markets.

JLT has been trading in the country for a while now through its long standing partnership with Glenrand. However, Glenrand MIB is now undergoing a takeover by competitors and JLT felt that the time was ripe to move into the market on its own.

The former Chief Executive Officer of Glenrand MIB, Andrew Chislett, will join the new company in September and become CEO of the new South African operation.

"JLT already has extensive experience in fast developing markets, with growing operations in both Asia and South America," said the group. "This business will capitalise on the increasing trading between these markets and South Africa."

"We are delighted to have secured Andrew's commitment to lead our new operation, once he has fulfilled his contractual commitments to Glenrand MIB," said the International Chairman for Risk and Insurance for JLT, Mark Drummond.

Drummond also announced that the group would soon welcome Walter Cronje and Danny Buitendag, both of who held senior management positions at Glenrand,

Also joining the group will be be Paul Turner, Head of Aon Benfield's Facultative Reinsurance Practice in South Africa.

"We aim to become a market leader in South Africa, supporting domestic insurers, enhancing access to international markets and creating a key strategic and regional hub for the JLT Group and our International Network," said Drummond.