Global re/insurance brokerage Marsh has reached an agreement with Construction Risk Partners (CRP), a specialty broker focused on US construction, whereby CRP management will buy back the company’s stock from JLT Specialty USA.
CRP will begin operating as an independent construction risk and surety specialty insurance broker with immediate effect, maintaining its headquarters in Branchburg, New Jersey.
Jardine Lloyd Thompson plc (JLT) purchased a 50.1% stake in CRP in January 2017. Marsh & McLennan Companies, Inc. later completed the acquisition of JLT in April 2019.
Rob McDonough, US Construction Practice Leader at Marsh JLT Specialty, commented on the announcement: “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.”
Joe Charczenko, Partner at CRP, also stated: “At CRP, our clients have a trusted partner with a reputation for unparalleled expertise and insight.”
We have great respect for JLT and Marsh,” he added, “but we look forward to building an exciting future as an independent specialty construction broker.”