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Insurance brokerage JLT buys into Shanghai firm
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LONDON-BASED insurance brokerage JLT Group has acquired a majority stake in Shanghai-based Essential Healthcare Network to tap the growing awareness of employee health benefits from companies in China.
The new company was named JLT Essential Benefit Solutions Corporation Limited and provides healthcare management and insurance consulting and services to over 100 Fortune 500 clients, JLT said in a statement.
“We see a good fit between JLT’s global brand and resources, and EHN’s unique health and insurance integrated business model,” said Duncan Howorth, CEO of JLT Asia, said. “This merger will enable us to provide a differentiated solution and develop our overall competitiveness in the region.”
The merger is part of JLT investment in Asia’s healthcare and broader employee benefits market as the group has acquired and invested in Hong Kong’s Lambert Brothers and India’s Independent Insurance Brokers.
A JLT Essential report released last month showed that more companies in China are inclined to offer employees non-cash incentives especially for management and senior management positions.
Nearly half of the respondents said they think benefits are more important than cash for senior management positions, according to the survey said covering 291 employers.
That compared with 27 percent last year.
A quarter of respondents said they currently run flexible benefit programs and nearly 70 percent said they are considering implementing such a program, according to the survey.
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