Jardine Lloyd Thompson(JLT) South Africa, has announced that it has entered into a strategic long-term black economic-empowerment (BEE) agreement with the Thebe Investment Corporation (Thebe) by selling 20% in JLT South Africa. An additional 5% will be held by an employee share trust. The beneficiaries of the Trust will be both current and future Previously Disadvantaged Individuals (PDI) staff.
Andrew Chislett, JLT South Africa's ceo said JLT embraced broad-based BEE as a key sustainability imperative. "This is an important step in JLT's commitment to genuine broad-based empowerment and we believe our partners share a long term commitment and will assist in developing value-added initiatives and synergies. For a young operation like JLT South Africa, we see this as a huge endorsement from a high quality organisation that has shown a commitment to and belief in our operation and strategy. Thebe is an excellent partner who is highly regarded for their heritage and the important role they play in business in South Africa."
Creating ownership opportunities for employees and enabling them to become involved in the growth of the business is key to the transaction.
Vusi Khanyile, Thebe chairman said "We are excited to be investing into a growing business and partnering with a strong management team, holding a clear sense of direction. Thebe has long been involved in the financial services sector, especially insurance through various businesses it has owned and partnered with over the years and the sector remains an important pillar to our overall growth strategy. We are excited about this transaction as it allows Thebe to regain an entrance into the insurance sector.
Thebe not only shares a long-term commitment to the continuing growth of the business, but also a responsibility to socio economic upliftment in South Africa. We look forward to working closely with JLT and providing complementary expertise as well as driving further transformation in the business."
Thebe will nominate 2 directors to the JLT South Africa board. They will be imparting their experience in best practice and transformation based on involvement with the other companies in which Thebe is invested.
Over the past year, JLT South Africa has focused on extending its client base and developing its offering of providing speciality insurance broking and risk advisory services to large multinational businesses. The South African office is currently launching a new Employee Benefits Consultancy Unit, headed by Rhys Edwards, ex ceo of NMG Consultants and Actuaries, which will provide significant additional opportunities for growth once its licence has been granted by the Financial Services Board (FSB).
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