GrECo sets the course for the future with Binder Grösswang
GrECo, Austria's market-leading risk and insurance manager for industry, trade, commerce and the public sector, has set the course for the future by buying back the shares of its former British partner JLT.
In April 2019, GrECo's 20%-shareholder, the British JLT-group (Jardine Lloyd Thompson Group plc) was acquired by the US Marsh & McLennan Group. In the light of these developments the Austrian GrECo owner family Neubrand exercised its buy-back option and repurchased JLT's 20% stake. The buy-back was completed at the beginning of March 2020.
GrECo and the Neubrand family were advised on this transaction by Binder Grösswang partners Michael Binder and Gottfried Gassner, who had advised GrECo already on the entry of JLT in 2010.
Michael Binder: “We are pleased that GrECo and the Neubrand family have once again trusted us in this strategically important situation and that the buy-back was completed successfully”.
GrECo is an Austrian group, in which the majority is family-owned and in which the German Ecclesia Group holds a 13.33% stake. The GrECo group offers its clients individual solutions in risk and insurance management and is Austria's leading insurance broker for industry, trade, commerce and the public sector. GrECo is characterised above all by a high degree of internationalisation. The GrECo Group operates 57 subsidiaries in 16 countries with more than 1000 employees from its headquarters in Vienna and is globally represented in over 200 countries via GrECo nova.