This article is from the Australian Property Journal archive
JONES Lang LaSalle and Austbrokers Sydney Pty Ltd have formed a joint venture company offering commercial property insurance broking services.
The new company, Jones Lang LaSalle Insurance Services’ will be headed by David Lee-Young.
Lee-Young said JLL has been actively seeking opportunities to diversify and expand the firm’s service offerings to its clients.
“It decided to pursue the specialised commercial property insurance products mid last year and signed the agreement for the joint venture in March,” he added.
Lee-Young said bond products can offer better and more flexible risk management options to standard bank guarantees, and will be available initially in areas such as performance, lease, fidelity and deposit bonds.
“For example, niche property bond products will allow our landlord, tenants and business partners to manage their balance sheet more effectively and tailor their commercial property insurance needs to their specific risk profile.” Le-Young said.
Austbrokers’ chief executive Lach McKeough the company is continuing to look for expansion in the local market.
“With this new agreement with Jones Lang LaSalle, we are thinking outside our normal parameters to take advantage of a unique opportunity,” he added.
JLL Australian chief executive Christine Bartlett said that this initiative is part of a broader drive by the firm to diversify and innovate.
“Initiatives such as this are changing the way we record and harness new ideas to drive growth and new revenue streams,” Bartlett said. “Jones Lang LaSalle’s Insurance Services is one of the many examples of how we are changing our thinking, looking at new ideas and stepping outside traditional revenue stream to diversify the products and services provided to our clients.”
Australian Property Journal
