The UK-based Jardine Lloyd Thompson Group plc announced that it will combine its existing Spanish retail brokerage business, JLT-SIACI Espana S.L., with the business of March – Unipsa Correduria de Seguros, S.A.U., the fourth largest commercial insurance broker in Spain and a subsidiary of Banca March, to form March – JLT.
When the deal is completed, JLT will have a 25 percent interest in the combined business, which will become a JLT Network Partner.
The total consideration for the acquisition is €16.8 million [$22 million], or app. £14.0 million, consisting of cash and JLT’s existing Spanish business.
The transaction remains subject to Spanish regulatory approval.
Unipsa’s core business is corporate-focused, with specialty capabilities including construction, tourism and marine and cargo. The business employs around 100 people with offices in Madrid, Mallorca and Barcelona and has representation in five other locations.
In 2010 Unipsa had revenues of some €16.7 million [$21.877 million].
Unipsa’s CEO Carlos Navarro said that the deal will result in a stronger platform in the Spanish market to more effectively serve domestic, European and international clients.
Mark Drummond Brady, international chairman of JLT’s Risk & Insurance division, said March – JLT will be in an “ideal position to better exploit cross-border opportunities in Europe and Latin America” when the deal is done, with the JLT Network creating a link to the international and London markets.
Source: Jardine Lloyd Thompson
Topics Agencies Commercial Lines
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