JLT announces intention to acquire majority interest

in Orbital Corredores de Seguros

28th June 2011, London: JLT Group plc (JLT) is pleased to announce that it has signed heads of agreement to acquire an initial 50.1% interest in the share capital of Alta SA with an option to acquire a further 25% in 2020.

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 USD 8.1million in 2010 and produced a profit before taxation of USD 3.4 million. The acquisition remains subject to contract and any necessary regulatory approvals.

It is anticipated that JLT will initially acquire 50.1% of the company from purchasing shares from the management of Alta which is led by their CEO, Jose Ignacio Lathrop and Federico Tagle, Chairman; both of whom will continue in their existing roles after the proposed transaction has been completed. A further announcement will be made when contracts have been finalised. It is anticipated completion will take place in the second half of 2011.


Jose Ignacio Lathrop, commented, "This extension of our excellent relationship with JLT will provide our clients with enhanced access to international markets, experience and specialty skills. We see this deal as beneficial to our clients and our employees".

Vyvienne Wade, CEO of JLT's Latin American operations commented "This acquisition continues JLT's drive to expand its Latin American businesses following a strong performance in 2010. Chile is a well established insurance and employee benefits market and this acquisition will add to our presence in the region where we already have majority owned operations Brazil, Colombia and Peru. It is another step forward in JLT's strategy of expanding the reach of our core specialisms and increasing our exposure to the world's faster-growing economies".

--ENDS--

 

 

Enquiries:

Jardine Lloyd Thompson Group plc

Paul Dransfield/Isabella Young
Corporate Communications
Tel: 020 7528 4933
Email: Paul Dransfield / Isabella Young

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 6200 people worldwide and through the JLT International Network provides services in more than 130 countries.
www.jltgroup.com