JLT announces its intention to combine its Italian business
with Marine & Aviation S.p.A in Italy
The ambition of the combined business is to become the leading Italian independent specialist insurance broker
3rd November 2011, London: Jardine Lloyd Thompson Group plc (JLT) is pleased to announce that it has signed heads of agreement to combine its existing Italian broking business Jardine Lloyd Thompson S.p.A. with the business of Marine & Aviation S.p.A (M&A). Following the transaction, JLT will have a 25% interest in the newly formed joint venture and will have representation on the Board with JLT senior employees forming part of the ongoing senior management team. As part of this transaction, JLT will also acquire a 25% interest in Marine Aviation & General (London) Ltd. The deal will significantly strengthen the services and product offerings of both organisations, combining industry specialist skills to the benefit of existing and prospective clients.
Marine & Aviation S.p.A is one the oldest brokers in the Italian insurance market. With offices in Italy and the UK, the company has enjoyed many years of strong growth and has strong industry expertise in Marine, Aviation, Reinsurance, Corporate clients, High Net Worth and Affinity. Since 1993, the operation has also been a Lloyd's broker placing Italian wholesale and reinsurance business into the London Market. In total Marine & Aviation's operations generated net revenue of €9.5 million in 2010 and produced a profit before taxation of €1 million. The agreement remains subject to contract and any necessary regulatory approvals.
Commenting on the transaction, Vyvienne Wade, Chairman JLT Southern Europe, said "We see this as a very important and exciting development for JLT. The combination of M&A and our existing Italian operations provides a very strong foundation for what we believe will become the leading independent insurance broker in Italy."
Pierluca Impronta, Executive Chairman, M&A, commented, "We see this deal as highly beneficial to the clients and employees of both organisations. This is a logical progression of a long standing and excellent relationship with JLT, which will improve access to international markets, experience and specialty skills."
Dominic Burke, JLT Group CEO, said, "This collaboration continues JLT's drive to build our international reach and relevance focusing on specialist areas where we have distinctive knowledge that wins competitive advantage for our clients. It is also consistent with our European Network strategy of taking strategic stakes in leading independent brokers and I see the combination of our businesses as creating a powerhouse in Italy, building further on our European Partnership with Siaci St Honore, GrECo and Ecclesia as a driving force in Continental Europe".
A further announcement will be made when contracts have been finalised. It is anticipated completion will take place towards the end of 2011.
--ENDS--
Enquiries:
Jardine Lloyd Thompson Group plc
Paul Dransfield/Isabella Young
Corporate Communications
Tel: 020 7528 4933
Email: Paul Dransfield / Isabella Young
Brunswick
Rebecca Shelley
Dania Saidam
Tel: 020 7404 5959
Editor's Notes:
About Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson Group plc (JLT) is an international group of risk specialists and employee benefits consultants and one of the largest companies of its type in the world. JLT offers a distinctive choice to clients and partners through our combination of independence, scale and specialism.
JLT is quoted on the London Stock Exchange and employs over 6500 people worldwide and through the JLT International Network provides services in more than 130 countries.
The JLT Group achieved a 21% increase in revenues in 2010 to £746.3 million with market leading organic growth of 7% and underlying trading profit of £129.9 million.
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