Jardine Lloyd Thompson Group plc : Update re combination with Marine & Aviation S.p.A

JLT announces it has combined its Italian business with Marine & Aviation S.p.A in Italy

3rd January 2012, London:  Further to the announcement made on 2nd November 2011, JLT Group plc (JLT) today confirms that it has combined 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 has a 25% interest in the newly formed joint venture, Marine & Aviation JLT, and has representation on the Board with JLT senior employees forming part of the ongoing senior management team. As part of this transaction, JLT has also acquired a 25% interest in Marine Aviation & General (London) Ltd.  The total consideration for the acquisition was JLT's existing Italian business together with €5.4m (approximately £4.5m), payable in cash on completion. In total Marine & Aviation's operations generated net revenue of €9.5 million in 2010 and produced a profit before taxation of €1 million.

Marine & Aviation S.p.A has enjoyed many years of strong growth and has strong industry expertise in Marine, Aviation, Reinsurance, Corporate clients, High Net Worth and Affinity. It is one the oldest brokers in the Italian insurance market and since 1993, the operation has also been a Lloyd's broker placing Italian wholesale and reinsurance business into the London Market. 

Pierluca Impronta, Executive Chairman, M&A, commented, "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 and builds on the long-standing and excellent relationship between the two companies."

Commenting on the transaction, Vyvienne Wade, Chairman JLT Southern Europe, "This an exciting development for JLT, which now has a significant stake in the newly combined Italian operation, providing a very strong foundation from which to build the leading independent insurance broker in Italy."

--ENDS--

Enquiries:

Jardine Lloyd Thompson Group plc

Paul Dransfield

Corporate Communications
Tel: [phone]

Email: [e-mail]

Brunswick

Tom Burns

Dania Saidam

Tel: [phone]

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.