JLT Group has signed a deal to buy a 50.1% interest in Alta SA, the holding company of Chilean broker Orbital Corredores de Seguros and reinsurance broker Alta Re.

The deal is expected to be finished by the second half of 2011, and JLT has the option to buy a further 25% of Alta SA in 2020.

Alta SA chief executive Jose Ignacio Lathrop and chairman Federico Tagle will keep their roles.

Alta SA generated a net revenue of $8.1m in 2010 and produced a profit before taxation of $3.4m.

JLT Latin American chief executive Vyvienne Wade said: "This acquisition continues JLT's drive to expand its Latin American businesses following a strong performance in 2010."

Lathrop said: "We see this deal as beneficial to our clients and our employees."

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