More M&A activity in the insurance industry. (Photo: Marsh & McLennan)
The merger and acquisition activity in the insurance industry continues well into 2018 with the latest announcement from Marsh & McLennan Companies Inc. The company announced today that it has reached an agreement to acquire Jardine Lloyd Thompson (JLT) Group plc. The transaction has been approved by the boards of directors of each company.
Total cash consideration of the transaction has an estimated enterprise value of $6.4 billion. The transaction will be funded by a combination of cash on hand and proceeds from debt financing. Following completion of the transaction, Dominic Burke, group chief executive of JLT, will join Marsh & McLennan's executive committee.
“The acquisition of Jardine Lloyd Thompson creates a compelling value proposition for our clients, our colleagues and our shareholders,” Dan Glasser, president and CEO of Marsh & McLennan, said in a statement. “I am confident that with the addition of the talented colleagues of JLT, Marsh & McLennan will be an even stronger and more dynamic company.”
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
