Fast-expanding US insurance brokerage Lockton has added to its recent acquisitions by taking a 50% stake in privately owned Turkish protection and indemnity (P&I) insurance broker Omni Sigorta for an undisclosed price.
The move follows Lockton’s acquisition of Italian broker P.L. Ferarri in 2016.
TradeWinds exclusively revealed Lockton was in discussions to buy a stake in Omni back in July this year.
Lockton said it would now work with Omni Sigorta as a joint partner.
Alistair Rivers, Global Head of Marine & Transportation at Lockton, said: “At a time when the shipping industry is facing a number of challenges and, with the global marine insurance market undergoing significant structural change, the emphasis must be to provide the highest levels of risk advice, product expertise, innovative solutions and access to the global insurance markets.
"This exciting partnership with Omni certainly helps us in achieving this goal and we very much look forward to working with them.”
Lockton appears ambitious to grow further in the marine market. It has been on a recruitment drive for marine insurance broker talent in London, China and the United States.
It said its expansion plans are “ongoing.”
