JLT Australia Acquires Recovre Group to bring Clients a Unique National People Risk Offering
03 March 2015
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.
Combining Recovre's WHS&R business with JLT's existing Benefits Solutions offering creates one of the leading integrated “people risk” providers 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 Executive Director reporting into Nick. Matt Bacon, General Manager of JLT Australia Benefit Solutions, 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 will create one of the leading national integrated providers in the “people risk” market and shows JLT Australia’s commitment to investing in the building and strengthening the capabilities that matter most to our clients.”
Anthony Zalakos, Executive 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."
Notes to Editors
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Jardine Lloyd Thompson Group plc
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JLT Australia operates out of more than 22 offices across Australia with approximately 1000 industry professionals. Backed by its global risk groups, JLT Australia is uniquely structured to provide innovative insurance, risk management and employee benefits solutions to companies and individuals in all states and territories.
JLT Australia is a wholly owned subsidiary of Jardine Lloyd Thompson Group plc, quoted on the London Stock Exchange and one of the world's leading providers of broking, risk management and consultancy services, owning offices in 41 territories with more than 10,000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.