"Acquisition expands and strengthens JLT's presence in Europe, providing a significant platform in Belgium, complementing our existing Benelux operations, and an enhanced specialty proposition for global clients", the company announced in a press release.
Based in Antwerp, Belgibo is a leading Belgian specialist broker with a strong client-first advisory approach and commercial strengths in marine, credit and political risks, aviation, cargo, employee benefits, logistics, construction and professional services.
"The acquisition, which sees 66 colleagues join the JLT Group, will support JLT's service to clients in all 26 EU and three EEA states after the United Kingdom has left the EU, helping to ensure that our clients continue to benefit from access to the unique capabilities of the London market".
JLT's European presence comprises owned businesses across Northern Europe and Ireland, together with joint ventures and branded associates in 17 countries to the South and East of the region. In total, JLT has a branded presence in 27 European and CIS countries.
Paul Knowles, CEO of JLT Europe, said: "Belgibo shares a strong cultural alignment to JLT with its client-first approach and specialty-led proposition. Their areas of expertise are aligned to JLT Specialty's core divisions of marine, credit & political risk, cargo and aviation. Belgibo and JLT have enjoyed a close trading relationship and very much look forward to working even closer in the future.
This acquisition will further strengthen our presence in Europe, creating a business of size and relevance, alongside our current operations in the Netherlands. It also provides us with a significant platform in the Benelux region, providing us with momentum to continue to gain significant market share across the specialty markets in which we both operate ".
Pierre Derom, CEO of Belgibo, said: "Belgibo has built up a strong reputation within the insurance market, and our partnership with JLT will help us to further grow and strengthen our business alongside a trusted and like-minded partner as well as give us - and importantly our clients - access to JLT's global capabilities.
Bringing together the professional skills, strengths and expertise of two like-minded businesses will significantly enhance our offering to clients and provide further opportunities for growth both nationally and internationally. We are looking forward to working together to build an exciting future for our clients and colleagues".