JLT combines its Spanish business with March - Unipsa to build on European Strategy creating March - JLT
Jardine Lloyd Thompson Group plc (JLT) has announced that it will combine its existing Spanish retail broking business JLT-SIACI Espana S.L. with the business of March - Unipsa Correduria de Seguros, S.A.U. (Unipsa), the fourth largest commercial insurance broker in Spain and a subsidiary of Banca March, to form March-JLT.
Following the transaction, JLT will have a 25% interest in the combined business which will become a JLT Network Partner. The total consideration for the acquisition is €16.8m (approximately £14.0m), comprising of cash and JLT's existing Spanish business. The transaction remains subject to Spanish regulatory approval.
Unipsa's core business is corporate-focused, with specialty capabilities including Construction, Tourism and Marine & Cargo. The business employs around 100 people with offices in Madrid, Mallorca and Barcelona and representation in five other locations. Banca March, Unipsa's parent company, is Spain's leading privately-owned financial institution. In 2010 Unipsa had revenues of some €16.7m.
Carlos Navarro, CEO, Unipsa commented, "Together we can build a stronger platform in the Spanish market that will be able to more effectively service domestic, European and International clients. The deal will significantly strengthen the services and product offerings of the new operation, developing industry specialist skills for the benefit of existing and prospective clients."
Commenting on the transaction, Mark Drummond Brady, International Chairman of JLT's Risk & Insurance division, said. "This is an exciting development for JLT and is aligned with our European network strategy of holding associate stakes in leading independent businesses with strong local reputations. March-JLT will be in an ideal position to better exploit cross-border opportunities in Europe and Latin America, with the JLT Network creating an important link to the international and London markets."