Park (Bermuda) acquisition

Jardine Lloyd Thompson acquires Park (Bermuda) Ltd to create Bermuda's largest independent broker 

London, 23 July 2007

Jardine Lloyd Thompson (JLT) today announces the acquisition of Park (Bermuda) Ltd ('Park') which will be combined with JLT's existing Bermuda broking operation and will trade as JLT Park.

JLT Park will become the largest broker in Bermuda dedicated to meeting the needs of independent brokers and their clients.  The combined business will have approximately forty staff and expects to place in excess of US$400 million of premium in the Bermuda market each year.

Park is one of the leading independent insurance brokers in Bermuda and has been in operation since 1989. The issued share capital of Park is being acquired by JLT Risk Solutions (Bermuda) Limited from the Park Group, a portfolio company of SunTx Capital Partners for a maximum cash consideration of US$11.8 million, of which US$8.85 million is an initial payment with the balance of the consideration based on future performance.

Paul Scope, Chairman and CEO of the Park Group and Mark Simons, Managing Director of Park (Bermuda) Ltd, will join the Board and executive management team of JLT Park.  John English, the current Chairman and CEO of JLT Risk Solutions (Bermuda) Limited will continue in this role for the newly combined operation, while Paul Scope will become President.  

Commenting on the announcement John English said: "The combination of these two businesses creates the largest insurance broker in Bermuda, dedicated to servicing the needs of independent regional and national brokers who seek access to the Bermudian market.  The merged operation will have unparalleled strength and depth in Property & Casualty and Financial & Professional lines."  

"We are very excited about bringing these businesses together; we recognised from the outset that the strengths of Park's business would be extremely complementary to the existing JLT business in Bermuda" said Paul Scope. 

John Lloyd, of Jardine Lloyd Thompson Group said "JLT has been a longstanding supporter of the Bermuda market and this investment underscores our commitment to remain the wholesale broker of choice in Bermuda."

--ENDS--

 

Enquiries:

Jardine Lloyd Thompson   
Paul Dransfield 
Tel: 020 7528 4444

Finsbury Group
Press and Media
Amanda Lee/Talia Druker
Tel: 020 7251 3801

 

Editors Notes:

Jardine Lloyd Thompson Group plc

The Jardine Lloyd Thompson ("JLT") group of companies is a leading risk management adviser and insurance and reinsurance broker.  JLT is also a major provider of employee benefits administration services and related consultancy advice.

JLT is quoted on the London Stock Exchange and is the largest European-headquartered company providing these services and is one of the largest firms of its type in the world. JLT operates out of more than 100 offices in over 30 countries and employs more than 5,000 personnel.  
www.jltgroup.com