JLT Re Acquires JLT March Re in Spain, Launches JLT Re Iberia

JLT Re, the global reinsurance broker and consultant, announced the launch of JLT Re Iberia, which follows the acquisition of JLT March Re, the fourth largest Spanish insurance broker, from financial group Banca March.

Previously, the two companies operated JLT March Re as a partnership, which was owned 75 percent by Banca March and 25 percent by JLT Re. JLT Re purchased the remaining stake it did not already own for an undisclosed amount. The acquisition was first announced in July in Spain and finalized this week.

Located in Madrid, JLT Re Iberia will provide local expertise to JLT Re clients as well as creating an important link with our colleagues and clients in Latin America in an increasingly global reinsurance marketplace, said JLT Re, noting that the acquisition builds on strong relationship between JLT and Banca March.

JLT Re Iberia is an insurance broker specializing in risk management, insurance and social welfare for companies. It works with more than 20 percent of Ibex 35 companies (the benchmark index of Spain’s stock exchange). Its main areas of expertise are industrial, marine, tourism and concessions sectors.

“We are delighted to launch JLT Re Iberia, as we continue to invest in our European platform and deliver results for our clients across JLT Re,” commented Keith Harrison, CEO, UK & Europe, JLT Re.

María Díaz-Lladó, CEO of JLT Re Iberia, said: “I am thrilled to lead our team in Spain, and know that JLT Re Iberia will bring the best in local and global reinsurance expertise to our clients.”

The acquisition was approved by the Directorate General for Insurance and Pension Funds (DGSFP) on Oct. 3, 2018.

Source: JLT Re

Topics Mergers & Acquisitions