JLT buys Towers Watson’s reinsurance brokerage business
Jardine Lloyd Thompson Group (JLT) has agreed to pay US$250m (£156m) in cash for Towers Watson’s reinsurance brokerage business.
The company confirmed that once the deal goes through it will merge the business with JLT Re.
The new combined operation will have combined revenues of US$266m and 700 staff in 35 locations in 17 countries. It will be branded for a transitional period as JLT Towers Re.
Towers Watson's reinsurance brokerage business generated revenues of US$166m and profit before tax of US$26m in the year ended June 2013, which according to JLT makes it the fourth largest reinsurance broker in the world.
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