J&J Insurance Brokers has agreed to buy Providian Insurance for $495 million.
Milwaukee-based J&J, a subsidiary of international insurance broker Jardine Lloyd Thompson Group (JLT), says it plans to combine Providian, a top 20 commercial lines broker with offices in Madison, Wis., and Kansas City, Mo., with J&J's existing commercial lines division. JLT says the combination will create one of the largest commercial line brokers in the U.S.
JLT says the combined group will have $14 billion in commercial lines business and more than 1,500 employees, including about 200 in Wisconsin. The deal is expected to close in the first quarter of 2018.
JLT also says the deal will generate more than $15 million of cash for JLT.
Providian CEO David Dzienica (pictured above, right) will join JLT as a managing director in its U.S. commercial lines division. Dzienica says the deal will strengthen Providian's capabilities in the insurance brokerage industry and provide access to new insurance markets.
Milwaukee-based JLT is a holding company that provides brokerage and risk management services in the U.S. and the U.K. JLT was formed in 2015 following the acquisition of the insurance brokerage, risk management, and outsourcing businesses of Lloyds TSB, employees. Providian, which offersobsurance products to companies in a range of industries, will keep its brand, leadership, and its local network of agents, according to a statement from the companies. The deal is expected to close by early 2018.
J&J Insurance Brokers did not respond to a request for comment.
JLT, which is listed on the London Stock Exchange (ticker: JLT.LN), is a London-based insurance broker and outsourcing services firm, which provides insurance services to government agencies, local and state governments, global organizations, and private companies.
Late last year, J&J acquired Houston, TX-based Eurobrokers L.L.C. The merger, which merged the company's commercial lines and personal lines businesses, followed JLT's earlier
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