JLT acquires FBD Insurance Brokers Ltd

JLT expands its presence in Ireland with the acquisition of FBD Insurance Brokers Ltd

30th December 2011, London: JLT Insurance Brokers (Ireland) Ltd (“JLT Ireland”), a wholly owned subsidiary of Jardine Lloyd Thompson Group plc (“JLT”), has acquired FBD Insurance Brokers Ltd, an insurance broker based in Ireland. from FBD Holdings plc.  As part of this transaction JLT has also acquired FBD Risk Management Services Ltd ("FRMS") and International Loss Control Services Ltd (“ILCS”) (together with FBD Insurance Brokers Ltd, “FBD Brokers”).  It is intended that the businesses of FBD Brokers will be integrated with the existing business of JLT Ireland.

FBD Brokers was established in 1973 by FBD Holdings plc to manage the commercial insurance needs of large commercial and corporate clients.  FBD Brokers employs 33 staff, is headquartered in Dublin and is an insurance broker specialising in the Irish agri-food sector with strong positions in waste management and the renewable energy sectors.   FRMS provides cost effective risk management services and ILCS is a Liability and Motor Claims Management and Administration Company.

In line with JLT’s strategy to build its international reach and focus on specialist areas, this transaction strengthens the services available to existing and prospective clients in Ireland.  FBD Brokers’ management and employees are highly regarded within the Irish Insurance sector, having extensive experience in delivering insurance broking, claims-handling and risk management consulting services.  The team, led by  Eamonn Bergin, Managing Director of FBD Brokers will significantly augment the strength and depth of JLT Ireland and are welcomed as members of the JLT team.

The total consideration comprises an initial payment of €6.75 million, an additional payment of €500k adjustable on working capital and a deferred payment up to but not exceeding €1.25 million, payable based on the financial performance of FBD Brokers in the year following Completion.

Eamonn Bergin, Managing Director of FBD Brokers commented, “Bringing together the experience and established reputation of FBD Brokers with the national and international presence of JLT Ireland and its parent, will provide strong foundations for the continued growth and successful development of the combined business”.

Pat Howett, CEO of JLT Ireland commented, “We are pleased to welcome FBD Brokers into the JLT Group. The deal is highly beneficial to the clients and employees of both organisations. FBD Brokers will add significantly to our increasingly important Irish business activities and our growing global specialty Food and Agri business”.

JLT Ireland is the fifth largest insurance brokerage in Ireland and has offices in Dublin and Cork employing 100 staff.  

Jardine Lloyd Thompson Group plc
Paul Dransfield/Isabella Young
Corporate Communications
Tel: 020 7528 4933
Email: Paul Dransfield / Isabella Young

Brunswick
Tom Burns/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.

FBD Insurance Brokers Ltd is a premier provider of Risk Management and Insurance Broking Services, with over 30 years experience in the Commercial and Corporate Sectors with specialty capabilities the Irish agri-food sector with strong positions in waste management and the renewable energy sector

FBD Risk Management Services Ltd (FRMS) is a subsidiary of FBD Brokers.  Its objective is to provide a cost effective Risk Management Service which delivers a self-supporting, integrated and co-ordinated structure for the development and implementation of Risk Management policies, standards and controls.

International Loss Control Services (ILCS) is a Liability and Motor Claims Management and Administration Company whose focus is to provide a dedicated and superior claims handling service.