LONDON (Reuters) – British insurance broker Jardine Lloyd Thompson Group is buying Towers Watson's reinsurance brokerage for $250 million, accelerating an expansion into the United States.
In a statement on Friday JLT said the all-cash deal will be completed by the end of the year and is expected to add to earnings in the first full year after completion, with the combined businesses generating annual revenues of $266 million.
JLT, which has a market capitalisation of $3.2 billion, negotiates insurance cover on behalf of corporate clients around the world. It currently earns most of its revenue in Britain and is trying to build up its reinsurance operations.
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