Austbrokers Sydney, a member firm of cluster group Austbrokers, has formed a joint venture insurance broking company with real estate commercial property services firm Jones Lang LaSalle.

The new company, Jones Lang LaSalle Insurance Services, will offer commercial property, insurance bond and broking services.

Austbrokers Holdings CEO Lach McKeough says the joint venture is consistent with Austbrokers’ partnership philosophy.

“Austbrokers is continuing to look for expansion in the local market,” he said. “With this new agreement with Jones Lang LaSalle, we are thinking outside our normal parameters to take advantage of a unique opportunity.”

Jones Lang LaSalle Insurance Services MD David Lee-Young says the company will complement the range of services at Jones Lang LaSalle.

“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.”

Mr Lee-Young says 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.