NU Online News Service, Jan. 21, 3:58 p.m. EST

Insurance brokerage Lockton said it has acquired a significant holding in the South Korean insurance brokerage IMI, renaming it Lockton Companies (Korea) Inc., with options to purchase a bigger shareholding.

A spokesman for the Kansas City, Mo.-based firm said as a private company, it is not releasing how large the equity stake is.

Lockton said that it and Seoul, Korea--based IMI have served risk management clients together since IMI's creation in June 1995. IMI has 16 associates. This is the first office for Lockton in the country and the 52^nd office globally.

In addition to its broad commercial insurance expertise, Lockton said the Korean enterprise has developed domestic specialties in credit, professions, financial institutions and construction.

Lockton International Chief Executive Officer Julian James said in a statement that, "We are taking the opportunity not only to realize the investment potential in a well-performing retail business in Korea, but also to properly align this business with other parts of the Lockton global office network. These offices are backed by a wealth of insurance and reinsurance experts serving clients in nearly every country in the world."

Lockton Korea Managing Director Jinse Han said being a part of an international brokerage firm would provide clients with additional benefits and give the firm an opportunity to "develop a facultative and treaty account to support our current retail business."