JLT confirms acquisition of Orbital (8638P)
October 10 2011 - 4:01AM
UK Regulatory
TIDMJLT
RNS Number : 8638P
Jardine Lloyd Thompson Group PLC
10 October 2011
Jardine Lloyd Thompson Group plc
JLT acquires majority interest in Orbital Corredores de Seguros,
the 4th largest insurance broker in Chile
10(th) October 2011, London: Further to the announcement made on
28(th) June 2011, JLT Group plc (JLT) today confirms that it has
completed the acquisition of an initial 50.1% interest in the share
capital of Alta SA with an option to acquire a further 25% in 2020.
The consideration for the acquisition was CLP 7.9bn (GBP10m),
payable in cash on completion. The consideration for the put and
call option exercisable in 2020 will be based on the profitability
of the business at that time.
Vyvienne Wade, CEO of JLT Latin America says ' I am delighted
that Orbital and Alta Re are now part of the JLT group. Both are
leading firms in Chile's well established market and they add
significantly to our capabilities in the region. This transaction
once again demonstrates JLT's commitment to developing
markets".
Alta is the holding company of Orbital Corredores de Seguros,
the 4th largest insurance broker in Chile, and Alta Re, a
reinsurance broker which commenced operations in April 2010. It has
been a member of the JLT International Network since 2010. Alta
generated net revenue of CLP 4.1billion in 2010 (approximately
GBP5.1m) and produced a profit before taxation of CLP 1.7billion
(approximately GBP2.1m). Alta is led by Jose Ignacio Lathrop, CEO
and Federico Tagle, Chairman; both will continue in their existing
roles.
Jose Ignacio Lathrop, commented, "The combination of Orbital and
JLT will create an even stronger force in the market, providing
clients with enhanced access to international markets, experience
and specialty skills built on the firm foundations both companies
have for client service and innovation".
Dominic Burke. CEO, JLT, says "This acquisition is another step
forward in JLT's strategy of building our international reach and
relevance with a focus on our core specialisms. JLT performed well
in our Latin American businesses in 2010 and we hope to build on
that in 2011".
--ENDS--
Enquiries:
Jardine Lloyd Thompson Group plc
Paul Dransfield/Isabella Young Corporate Communications Tel: 020
7528 4933 Email:
paul_dransfield@jltgroup.com/Isabella_young@jltgroup.com
Brunswick
Rebecca Shelley Dania Saidam Tel: 020 7404 5959
Editor's Notes:
About Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson Group plc (JLT) is an international group
of risk specialists and employee benefits consultants and one of
the largest companies of its type in the world. JLT offers a
distinctive choice to clients and partners through our combination
of independence, scale and specialism.
JLT is quoted on the London Stock Exchange and employs over 6500
people worldwide and through the JLT International Network provides
services in more than 130 countries.
CLP figures have been translated to sterling as at the rate of
6(th) October 2011.
www.jltgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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