Insurance broker Lockton has announced the acquisition of Australian specialist insurance intermediary Zenith Insurance Services (Zenith) for an undisclosed sum.
The acquired firm specialises in aged care, disability, aboriginal medical health services and community service organisations along with transport and logistics.
As per the terms of the acquisition, which is slated to complete on 14 November 2022, Zenith will operate under new speciality health & community services business called Lockton-Zenith.
The merged entity will specialise in retirement living, aboriginal medical health services and community service organisations, primary healthcare and aged care.
Lockton Pacific CEO Paul Marsden said: “The combination of Zenith and Lockton brings together two specialist businesses who are extremely passionate about delivering genuine value to clients through true industry specialism.”
Lockton health & community services business leader Ian Maybury has been tasked to lead the new business.
Zenith Insurance Services managing director Kim Gilbert will continue to operate in a leadership role alongside Maybury.
Additionally, Zenith’s acquisition also brings a team of specialist risk advisors for the transport and logistics industry to Lockton.
Gilbert said: “The world has undeniably changed and clients now need more from their risk and insurance advisor. From natural catastrophes to cyber events, talent attraction and retention, to the ongoing impacts of COVID-19, these are all challenges impacting risk profiles and the availability and cost of insurance.
“We recognise our clients now need access to specialists with a national and global footprint, wherever they are based. Lockton will work in collaboration with our existing talent to set new standards for the services and value we can deliver.”