Insurance brokerage firms Lockton Cos. and First Equity Risk Management Services are seeking to set up a joint venture (JV) company Lockton First Equity. The JV will offer commercial insurance brokerage services to Lockton’s clients in South Africa.

The new business plans to bring together Lockton and Johannesburg-based First Equity’s commercial capabilities. The company will have directors from both Lockton and First Equity on its board.

Click here for the release from PR Newswire.