Sale of General Insurance Brokerage (7625U)
December 30 2011 - 2:00AM
UK Regulatory
TIDMFBH
RNS Number : 7625U
FBD Holdings PLC
30 December 2011
FBD Holdings plc
30 December 2011
Sale of General Insurance Brokerage
FBD Holdings plc ("FBD" or the "Company") announces that it has
today sold its subsidiaries, FBD Insurance Brokers Limited,
International Loss Control Services Limited and FBD Risk Management
Services Limited (collectively referred to as "FBD Brokers"), to
JLT Insurance Brokers Ireland Limited ("JLT Ireland").
FBD Brokers was established in 1973 by FBD to manage the
commercial insurance needs of large commercial and corporate
clients. FBD Brokers employs 33 staff, is headquartered in Dublin
and is a leading provider of insurance broking services to the
agri-food, waste management and renewable energy sectors.
JLT Ireland is the fifth largest insurance brokerage in Ireland
and has offices in Dublin and Cork employing 100 staff. JLT Ireland
is part of the Jardine Lloyd Thompson Group plc, a publicly listed
international group of risk specialists and employee benefits
consultants and one of the largest companies of its type in the
world.
The total consideration for the transaction is up to EUR8.5
million comprising an initial payment of EUR6.75 million, an
additional payment of EUR0.5 million based on working capital on
completion and a deferred payment of up to EUR1.25 million, payable
in 2013 based on FBD Brokers' financial performance in the year
following completion.
In the year ended 31 December 2010, the last date to which
audited accounts were prepared, FBD Brokers generated a profit
before tax of approximately EUR1.2 million. At 31 December 2010,
FBD Brokers had gross assets of approximately EUR16.2 million and
net assets of approximately EUR2.2 million.
Mr. Andrew Langford, Group Chief Executive, FBD Holdings plc,
said:
"Today's announcement of the sale of FBD Brokers is another
significant strategic step for FBD, which will allow us to focus on
our core insurance underwriting business and to pursue further
growth in the business insurance market through the broker channel.
In partnership with JLT Ireland, FBD Insurance plc will continue to
provide insurance services to the agri-food sector and the
transaction will give FBD Brokers, as part of the Jardine Lloyd
Thompson Group, an enhanced capacity to provide global services to
its clients."
For Reference:
FBD Holdings plc Telephone
Cathal O'Caoimh, Group Finance Director +353 1 428 2316
Murray Consultants
Joe Heron +353 1 4980 300
FBD Holdings plc was advised by Goodbody Corporate Finance
Limited in relation to this transaction.
About FBD Holdings plc ("FBD")
The FBD Group was established in the 1960s is one of Ireland's
largest property and casualty insurers looking after the insurance
needs of farmers, private individuals and business owners.
The following details relate to FBD's ordinary shares of EUR0.60
each which are publicly traded:
Listing Irish Stock Exchange UK Listing Authority
Listing Category Dual Premium (Equity)
Trading Venue Irish Stock Exchange London Stock Exchange
Market Main Securities Main Market
Market
ISIN IE0003290289 IE0003290289
Ticker EG7.IR FBH.L
FBD Holdings plc FBD House, Bluebell, Dublin 12
Registered in Dublin, Ireland Registered Number 135882
This information is provided by RNS
The company news service from the London Stock Exchange
END
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