JLT AUSTRALIA ACQUIRES RECOVRE GROUP TO BRING CLIENTS A UNIQUE NATIONAL PEOPLE RISK OFFERING
3rd March 2015, Australia: JLT Australia, a subsidiary of Jardine Lloyd Thompson Group plc (“JLT”), one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services, has today announced that it has agreed to acquire 100% of the shares of Recovre Group (“Recovre”) from Hawkesbridge Capital.
Recovre is a leading national provider of Workplace Health, Safety and Rehabilitation (WHS&R) services in Australia. Employing 280 professionals across a well-established national network of 24 offices, the company delivers targeted, effective support to facilitate ill or injured employees back into work. Recovre was founded as a division of Allianz in 1987 and has been operating under private equity control since 2006.
Adding Recovre’s WHS&R business to JLT’s existing Benefits Solutions offering confirms them as a leading integrated “people risk” provider in the country, with significantly enhanced scale, geographic reach and ability to deliver a comprehensive offering to clients. The combination will also enable JLT to develop innovative new products and services in the employee health and rehabilitation space on a national basis, setting new standards for this category of risk solutions in the Australian market.
Following this transaction, Nick Harris, Chairman of JLT Australia’s Benefit Solutions division, will assume the role of Chairman of the Recovre business while Anthony Zalakos will continue in his current role as Director reporting into Nick. Matt Bacon, General Manager of JLT Australia’s Benefit Solutions business, will become COO of Recovre, also reporting to Nick. The broader Recovre management team will continue to lead the provision of high quality service in their existing positions.
Leo Demer, CEO of JLT Australia, commented: “This is a very exciting opportunity for JLT Australia, our clients and our trading partners nationally. Recovre brings an exceptional team of specialists to JLT, with workplace rehabilitation a growing and increasingly important area of focus for employees keen to return to work and clients and insurers looking to reduce the cost of absence. The combination with JLT Australia’s existing Benefit Solutions business confirms us as a leading national integrated provider in the “people risk” market and shows JLT Australia’s commitment to building and strengthening the capabilities that matter most to our clients.”
Anthony Zalakos, Director of Recovre, said: “JLT’s investment in Recovre creates a fantastic opportunity for our clients and for our people. By combining our specialist capability with JLT’s world-class risk management expertise, we will improve our national client service capabilities and accelerate our growth strategy. It’s an exciting new chapter in Recovre’s mission to drive the best possible outcomes for our clients, our partners and the families whose lives we help to transform.”
Duncan Howorth, JLT Group’s International Chairman of Employee Benefits, adds: “This acquisition is another exciting step forward for JLT’s global strategy to broaden our international Employee Benefits capabilities. I am delighted to welcome Recovre’s people and clients to JLT.”
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