Insurance broker Lockton Companies LLP and First Equity Risk Management Services Ltd are forming a South African joint venture company, Lockton First Equity, to provide commercial insurance brokerage services in South Africa. Terms of the agreement were not announced.
The joint venture company will be registered in South Africa and will have directors from both Lockton and First Equity on its board.
The venture will serve Lockton’s retail insurance brokerage clients in South Africa. Lockton First Equity will also seek to generate new business in South Africa.
First Equity Risk Management Services is a privately owned insurance broker with its head office in Johannesburg and other offices in Nelspruit and Durban. First Equity was founded in Johannesburg in 2006 and focuses on corporate and commercial insurance clients.
Lockton, baseed in Kansas City, Missouri, has more than 15,000 clients around the world.