Monday June 16, 09:07 AM
Jardine Lloyds buys Lloyd's broker
LONDON (ShareCast) - Insurance broker Jardine Lloyd Thompson (LSE: JLT.L - news) has acquired Lloyd’s firm Harman Wicks &
Swayne.Jardine Lloyds Thompson (JLT) is paying up to £8.75m for HWS Holdings (HWS), which owns two Lloyd’s broker susbidiaries: Harman Wicks & Swayne, the London based reinsurance broker, and Harman Wicks & Swayne International, a wholesale provider of SME insurance products to UK brokers. HWS’s insurance businesses will be integrated into JLT’s existing non-marine treaty operation and will trade under the JLT Re banner. The UK wholesale business will be subsumed into JLT’s UK insurance broking business. JLT will pay an additional cash consideration of £5m for HWS, with up to £3.75m due subsequently depending on performance. In 2007 HWS’s reinsurance revenue was in the region of £4.8m while the broking revenue from HWS UK was £1.2m. The founders of HWS, Chris Harman and Ian Wicks, will join JLT Re, along with Bradley Maltese, as members of the Reinsurace Executive Group. Chris Harman was assume the role of Deputy Chairman of the Reinsurace Executive Group and Bradley Maltese will head up the JLT Re Non-Marine Treaty team in London. “HWS brings scale and leadership to our London based Non-Marine Treaty operation complementing our traditional strengths in Marine, Energy and Aviation (AHGIQ.PK - news) ,” said JLT Reinsurance Brokers; chairman and chief executive officer, Alan Griffin.
|
Send Article by Email
